Published on 2/1/2023 in the Prospect News Structured Products Daily.
New Issue: RBC sells $1.28 million buffered return notes linked to S&P 500
By William Gullotti
Buffalo, N.Y., Feb. 1 – Royal Bank of Canada priced $1.28 million of 0% buffered return notes due July 31, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index return is positive, the payout at maturity will be par plus 145% of the index gain. Investors will receive par if the index declines by 15% or less and will lose 1% for every 1% that it declines beyond 15%.
RBC Capital Markets, LLC is the underwriter.
Issuer: | Royal Bank of Canada
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Issue: | Buffered return notes
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Underlying index: | S&P 500
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Amount: | $1,281,000
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Maturity: | July 31, 2025
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 145% of any index gain; par if the index declines by 15% or less; 1% loss for every 1% index decline beyond 15%
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Initial level: | 4,060.43
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Buffer level: | 3,451.37, 85% of initial level
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Pricing date: | Jan. 26
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Settlement date: | Jan. 31
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Underwriter: | RBC Capital Markets, LLC
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Fees: | 2.4%
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Cusip: | 78016HKC3
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