By Kiku Steinfeld
Chicago, June 15 – Royal Bank of Canada priced $360,000 of 0% autocallable buffered absolute return notes due jan. 30, 2025linked to the SPDR S&P 500 ETF trust, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called automatically at par plus 10.65% if the ETF closes at or above its initial price on Jan. 26, 2024.
If the notes are not called and the final ETF level is greater than or equal to its initial level, the payout at maturity will be par plus the ETF return.
If the ETF falls by up to 25%, the payout will be par plus the absolute value of the return.
Otherwise, investors will lose 1% for every 1% decline beyond 25%.
RBC Capital Markets, LLC is the agent.
Issuer: | Royal Bank of Canada
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Issue: | Autocallable buffered absolute return notes
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Underlying fund: | SPDR S&P 500 ETF trust
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Amount: | $360,000
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Maturity: | Jan. 30, 2025
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus ETF return if ETF gains or finishes flat; if ETF falls by up to 25%, par plus absolute value of the return; otherwise, 1% loss for each 1% decline beyond 25%
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Call: | Automatically at par plus 10.65% if the ETF closes at or above initial price on Jan. 26, 2024
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Initial level: | $404.75
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Buffer level: | $303.56; 75% of initial level
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Pricing date: | Jan. 26, 2023
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Settlement date: | Jan. 31, 2023
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Agent: | RBC Capital Markets, LLC
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Fees: | 2.1%
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Cusip: | 78016HKE9
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