Published on 9/13/2023 in the Prospect News Structured Products Daily.
New Issue: RBC prices $4.74 million 9.15% barrier income notes linked to ETF, stock
By William Gullotti
Buffalo, N.Y., Sept. 13 – Royal Bank of Canada priced $4.74 million of 9.15% barrier income notes due Jan. 12, 2026 linked to the lesser performing of the shares of Wells Fargo & Co. and the Financial Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
Coupon will be payable monthly.
Investors will receive par if the lesser-performing underlier declines but finishes at or above its 60% barrier level.
Otherwise, investors will lose 1% for every 1% that the lesser-performing underlier declines from initial level.
RBC Capital Markets, LLC is the agent.
Issuer: | Royal Bank of Canada
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Issue: | Barrier income notes
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Underlying assets: | Financial Select Sector SPDR fund, Wells Fargo & Co.
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Amount: | $4,736,000
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Maturity: | Jan. 12, 2026
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Coupon: | 9.15% per year, payable monthly
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Price: | Par
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Payout at maturity: | Par if each underlier finishes at or above barrier level; otherwise, full exposure to losses of worst performer
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Initial levels: | $34.23 for fund, $40.43 for stock
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Barrier levels: | $20.54 for fund, $24.26 for stock; 60% of initial levels
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Strike date: | Sept. 7
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Pricing date: | Sept. 8
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Settlement date: | Sept. 13
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Agent: | RBC Capital Markets, LLC
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Fees: | 0.47%
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Cusip: | 78016NA72
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