Published on 5/25/2023 in the Prospect News Structured Products Daily.
New Issue: RBC sells $495,000 callable contingent coupon barrier notes with memory on McDonald's
By Kiku Steinfeld
Chicago, May 25 – Royal Bank of Canada priced $495,000 of issuer callable contingent coupon barrier notes with memory coupon due Jan. 24, 2025 linked to McDonald's Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8% if the stock closes at or above its 75% coupon barrier on the observation date for that quarter. Any previously unpaid coupons will also be paid.
The notes may be called at par on any quarterly coupon payment date other than the final one.
The payout at maturity will be par unless the stock finishes below the 75% trigger level, in which case investors will receive a number shares equal to $1,000 divided by the initial share price, or the cash equivalent at the issuer’s option.
RBC Capital Markets, LLC is the underwriter.
Issuer: | Royal Bank of Canada
|
Issue: | Issuer callable contingent coupon barrier notes with memory coupon
|
Underlying stock: | McDonald's Corp.
|
Amount: | $495,000
|
Maturity: | Jan. 24, 2025
|
Coupon: | 8%, payable quarterly if stock closes at or above coupon barrier on observation date for that quarter; any previously unpaid coupons will also be paid
|
Price: | Par
|
Payout at maturity: | Par unless stock finishes below trigger level, in which case 3.76 shares, or the cash equivalent at the issuer’s option
|
Call option: | At par on any coupon payment date other than the final one
|
Initial level: | $266.04
|
Trigger level: | $199.53, 75% of initial levels
|
Pricing date: | Jan. 18, 2023
|
Settlement date: | Jan. 23, 2023
|
Agents: | RBC Capital Markets, LLC
|
Fees: | 1.75%
|
Cusip: | 78015QDV0
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.