By William Gullotti
Buffalo, N.Y., May 1 – Royal Bank of Canada priced $3.55 million issuer callable contingent coupon barrier notes due April 24, 2026 tied to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a semiannual contingent coupon at an annual rate of 9.55% if the index closes at or above its 70% coupon barrier on the relevant observation date.
The notes may be called at par plus any coupon due at the option of the issuer on any semiannual coupon payment date.
Investors will receive par plus the contingent coupon if the final level of the index is at or above its 70% trigger level.
Otherwise, investors will be fully exposed to the index’s decline from its initial level.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Issuer callable contingent coupon barrier notes
|
| Underlying index: | S&P 500 index
|
| Amount: | $3,553,000
|
| Maturity: | April 24, 2026
|
| Coupon: | 9.55% per year, paid semiannually if index closes at or above coupon barrier on the related observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon unless index finishes below trigger level, in which case full exposure to index decline from initial level
|
| Call option: | At par plus any coupon due at the option of the issuer on any semiannual coupon payment date
|
| Initial level: | 4,133.52
|
| Coupon barrier level: | 2,893.46; 70% of initial level
|
| Trigger level: | 2,893.46; 70% of initial level
|
| Pricing date: | April 21
|
| Settlement date: | April 26
|
| Agent: | RBC Capital Markets, LLC
|
| Fees: | None
|
| Cusip: | 78016HWV8
|
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