Published on 10/26/2023 in the Prospect News Structured Products Daily.
New Issue: RBC prices $535,000 autocallable contingent coupon barrier notes on basket
By Kiku Steinfeld
Chicago, Oct. 26 – Royal Bank of Canada priced $535,000 of autocallable contingent coupon barrier notes due April 2, 2026 linked to an equally-weighted basket consisting of the stocks of Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 10.5% per year if the basket closes at or above its trigger price, 65% of its initial price, on the observation date for that quarter.
The notes will be called at par if the basket closes at or above its initial price on any quarterly observation date after six months.
If the notes are not called, the payout at maturity will be par unless the basket finishes below its trigger price, in which case investors will be fully exposed to the decline.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
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| Issue: | Autocallable contingent coupon barrier notes
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| Underlying components: | Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co., equally weighted
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| Amount: | $535,000
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| Maturity: | April 2, 2026
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| Coupon: | 10.5%, payable quarterly if basket closes at or above trigger price on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless basket finishes below trigger price, in which case full exposure to decline
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| Call: | At par if basket closes at or above initial price on any quarterly observation date after six months
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| Initial basket price: | $28.67 for BofA, $45.95 for Citi, $129.14 for JPMorgan
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| Trigger price: | 65% of initial share price
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| Pricing date: | March 29, 2023
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| Settlement date: | March 31, 2023
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 2.25%
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| Cusip: | 78016HVM9
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