Published on 7/28/2023 in the Prospect News Structured Products Daily.
New Issue: RBC sells $515,000 autocallable contingent coupon buffered notes on two indexes
Chicago, July 28 – Royal Bank of Canada sold $515,000 of autocallable contingent coupon buffered notes due July 24, 2026 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon at an annual rate of 8.05% if each index closes at or above its coupon barrier level, 75% of its initial level, on the observation date for that period.
The notes will be called at par plus the coupon if each index closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par plus the final coupon unless either index finishes below the 85% buffer level, in which case investors will lose 1% for each 1% that the lesser-performing index’s final level beyond the 15% buffer.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
|
| Issue: | Autocallable contingent coupon barrier notes
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| Underlying indexes: | S&P 500 index and Russell 2000 index
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| Amount: | $515,000
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| Maturity: | July 24, 2026
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| Coupon: | 8.05% annual rate, payable monthly if each index closes at or above coupon barrier level on observation date for that period
|
| Level: | Par
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| Payout at maturity: | Par plus coupon unless either index finishes below buffer level, in which case investors will lose 1% for each 1% that the lesser-performing index’s finishes beyond the 15% buffer
|
| Call: | Automatically at par if each index closes at or above its initial level on any quarterly observation date after six months
|
| Initial index levels: | 4,536.34 for S&P, 1,960.255 for Russell
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| Coupon barrier levels: | 3,402.26 for S&P, 1,470.191 for Russell; 75% of initial levels
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| Buffer levels: | 3,855.89 for S&P, 1,666.217 for Russell; 85% of initial levels
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| Pricing date: | July 21
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| Settlement date: | July 26
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| Agent: | RBC Capital Markets, LLC
|
| Fees: | 0.5%
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| Cusip: | 78016NNT0
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