Published on 2/28/2022 in the Prospect News Structured Products Daily.
New Issue: RBC sells $3 million autocallable contingent coupon barrier notes on three indexes
Chicago, Feb. 28 – Royal Bank of Canada priced $3 million of autocallable contingent coupon barrier notes due April 28, 2025 linked to the lesser performing of the Nasdaq-100 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at the rate of 6.5% per year if the worst performing index closes at or above its coupon barrier level, 75% of its initial level, on the relevant observation date.
The notes will be called at par plus the coupon if the worst performing index closes at or above its initial level on any quarterly observation date after six months.
If the notes are not called, the payout at maturity will be par plus any final coupon unless the worst performing index finishes below its 65% trigger level, in which case investors will be fully exposed to the decline of the worst performing index from its initial level.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
|
| Issue: | Autocallable contingent coupon barrier notes
|
| Underlying indexes: | Russell 2000 index, S&P 500 index, Nasdaq-100 index
|
| Amount: | $3,000,000
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| Maturity: | April 28, 2025
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| Coupon: | 6.5% annual rate, payable quarterly if worst performing index closes at or above coupon barrier level on the relevant observation date
|
| Price: | Par
|
| Payout at maturity: | If all indexes finish at or above the trigger level, par plus any final coupon; otherwise, investors will be fully exposed to the worst performing index from its initial level
|
| Call: | At par plus coupon if each index closes at or above initial level on any quarterly observation date after six months
|
| Initial levels: | 2,271.856 for Russell, 4,180.17 for S&P, 13,941.44 for Nasdaq
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| Coupon barrier levels: | 1,703.892 for Russell, 3,135.13 for S&P, 10,456.08 for Nasdaq; 75% of initial levels
|
| Trigger levels: | 1,476.706 for Russell, 2,717.11 for S&P, 9,061.94 for Nasdaq; 65% of initial levels
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| Pricing date: | April 23, 2021
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| Settlement date: | April 28, 2021
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 2.25%
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| Cusip: | 78016EYY7
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