Published on 10/7/2022 in the Prospect News Structured Products Daily.
New Issue: RBC sells $503,000 autocallable contingent coupon barrier notes on S&P, Russell, Dow
By Kiku Steinfeld
Chicago, Oct. 7 – Royal Bank of Canada priced $503,000 of autocallable contingent coupon barrier notes due Feb. 21, 2025 linked to the performance of the Dow Jones industrial average, 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 trigger level, 65% 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 the final coupon unless the worst performing index finishes below its 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, Dow Jones industrial average
|
| Amount: | $503,000
|
| Maturity: | Feb. 21, 2025
|
| Coupon: | 6.5%, payable quarterly if worst performing index closes at or above trigger level on the relevant observation date
|
| Price: | Par
|
| Payout at maturity: | If all indexes finish at or above the trigger level, par plus the final coupon; otherwise, investors will be fully exposed to the decline of 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: | 2,076.462 for Russell, 4,471.07 for S&P, 34,988.84 for Dow
|
| Trigger levels: | 1,349.700 for Russell, 2,906.20 for S&P, 22,742.75 for Dow; 65% of initial levels
|
| Pricing date: | Feb. 15
|
| Settlement date: | Feb. 18
|
| Agent: | RBC Capital Markets, LLC
|
| Fees: | 2.25%
|
| Cusip: | 78016FDX9
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