Published on 1/18/2023 in the Prospect News Structured Products Daily.
New Issue: RBC prices $1 million barrier booster notes linked to S&P, Stoxx
By William Gullotti
Buffalo, N.Y., Jan. 18 – Royal Bank of Canada priced $1 million of 0% barrier booster notes due July 3, 2028 linked to the worse performing of the S&P 500 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the return of the lesser performing index is greater than 80%, the payout at maturity will be par plus the return of the lesser performing index.
If the return of the lesser performing index is flat or gains up to 80%, the payout will be par plus 80%.
If the lesser performing falls by up to 20%, the payout will be par.
If the lesser performing index falls by more than 20%, investors will lose 1% for every 1% decline of the lesser performing index below its the initial level.
RBC Capital Markets, LLC is the agent.
Issuer: | Royal Bank of Canada
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Issue: | Barrier booster notes
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Underlying indexes: | S&P 500 index, Euro Stoxx 50 index
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Amount: | $1 million
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Maturity: | July 3, 2028
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If lesser performing index gains by more than 80%, par plus the gain of that index; if lesser performing index finishes flat or gains by up to 80%, par plus 80%; if lesser performing index falls by up to 20%, par; if lesser performing index falls by more than 20%, full exposure to decline of that index from initial level
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Initial levels: | 3,808.82 for Stoxx, 3,783.22 for S&P
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Barrier levels: | 3,047.06 for Stoxx, 3,026.58 for S&P; 80% of initial levels
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Pricing date: | Dec. 28
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Settlement date: | Jan. 3
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Agent: | RBC Capital Markets, LLC
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Fees: | 2.75%
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Cusip: | 78016HK25
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