Published on 3/22/2023 in the Prospect News Structured Products Daily.
New Issue: RBC sells $750,000 contingent coupon barrier autocalls on S&P, Russell, Stoxx
By Wendy Van Sickle
Columbus, Ohio, March 22 – Royal Bank of Canada priced $750,000 of autocallable contingent coupon barrier notes due March 20, 2028 linked to the performance of the Euro Stoxx 50 index, 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 8.5% per year if the worst performing index closes at or above its coupon barrier 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 one year.
If the notes are not called, the payout at maturity will be par unless the worst performing index finishes below its 65% 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
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| Issue: | Autocallable contingent coupon barrier notes
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| Underlying indexes: | Russell 2000 index, S&P 500 index, Euro Stoxx 50 index
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| Amount: | $750,000
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| Maturity: | March 20, 2028
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| Coupon: | 8.5%, payable quarterly if worst performing index closes at or above trigger level on the relevant observation date
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| Price: | Par
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| Payout at maturity: | If all indexes finish at or above the coupon barrier level, par; otherwise, investors will be fully exposed to the decline of the worst performing index from its initial level
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| Call: | At par plus coupon if each index closes at or above initial level on any quarterly observation date after one year
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| Initial levels: | 1,745.945 for Russell, 3,891.93 for S&P, 4,034.92 for Stoxx
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| Coupon barrier levels: | 1,134.864 for Russell, 2,529.75 for S&P, 2,622.7 for Stoxx; 65% of initial levels
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| Trigger levels: | 1,134.864 for Russell, 2,529.75 for S&P, 2,622.7 for Stoxx; 65% of initial levels
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| Pricing date: | March 15
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| Settlement date: | March 20
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 2.25%
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| Cusip: | 78016HUX6
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