Published on 5/20/2022 in the Prospect News Structured Products Daily.
New Issue: RBC sells $750,000 autocallable contingent coupon barrier notes on fund, index
Chicago, May 20 – Royal Bank of Canada priced $750,000 of autocallable contingent coupon barrier notes due Oct. 31, 2024 linked to the lesser performing of the Financial Select Sector SPDR fund and the Euro Stoxx Banks index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annual rate of 13% if each asset closes at or above its coupon barrier level, 80% of its initial price, on the observation date for that period.
The notes will be called at par plus the coupon if each asset closes at or above its initial price on any quarterly observation date.
The payout at maturity will be par plus the final coupon unless either asset finishes below the 80% trigger price, in which case investors will lose 1% for each 1% that the lesser-performing asset’s final level is less than its initial level.
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 assets: | Financial Select Sector SPDR fund and Euro Stoxx Banks index
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| Amount: | $750,000
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| Maturity: | Oct. 31, 2024
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| Coupon: | 13%, payable quarterly if each asset closes at or above coupon barrier level on observation date for that period
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| Price: | Par
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| Payout at maturity: | Par plus coupon unless either asset finishes below trigger price, in which case investors will lose 1% for each 1% that the lesser-performing asset’s final level is less than its initial level
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| Call: | Automatically at par if each asset closes at or above its initial share price on any quarterly observation date
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| Initial fund prices: | $40.60 for fund, 103.47 for index
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| Coupon barrier/trigger prices: | $32.48 for fund, 82.78 for index; 80% of initial stock prices
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| Pricing date: | Oct. 26, 2021
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| Settlement date: | Oct. 29, 2021
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 1%
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| Cusip: | 78016F4J0
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