Published on 5/2/2023 in the Prospect News Structured Products Daily.
New Issue: RBC sells $13.79 million capped notes with absolute return buffer on S&P 500
By Wendy Van Sickle
Columbus, Ohio, May 2 – Royal Bank of Canada priced $13.79 million of 0% capped notes with absolute return buffer due April 25, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par of $10 plus any index gain, capped at par plus 20%.
If the index finishes flat or falls by up to 15.35%, investors will receive par plus the absolute value of the index return.
Otherwise, investors will lose 1% for every 1% decline beyond 15.35%.
BofA Securities, Inc. is the agent.
Issuer: | Royal Bank of Canada
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Issue: | Capped notes with absolute return buffer
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Underlying index: | S&P 500
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Amount: | $13,789,650
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Maturity: | April 25, 2025
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus any index gain, capped at 20%; if index falls by up to 15.35%, par plus absolute value of index return; otherwise, 1% loss for every 1% decline below 15.35%
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Initial value: | 4,135.35
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Threshold value: | 3,500.5; 84.65% of initial value
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Pricing date: | April 27
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Settlement date: | May 4
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Agent: | BofA Securities, Inc.
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Fees: | 2%
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Cusip: | 78074B888
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