Published on 6/15/2023 in the Prospect News Structured Products Daily.
New Issue: RBC sells $400,000 autocallable contingent coupon barrier notes on three indexes
Chicago, June 15 – Royal Bank of Canada priced $400,000 of autocallable contingent coupon barrier notes due June 3, 2026 linked to the lesser performing 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 monthly coupon at the rate of 8.15% per year if the worst performing index closes at or above its coupon barrier level, 60% of its initial level, on the relevant observation date.
The notes will be called at par plus 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 and each index finishes at or above its 60% trigger level, the payout at maturity will be par plus the final coupon.
Otherwise, 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, Dow Jones industrial average
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| Amount: | $400,000
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| Maturity: | June 3, 2026
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| Coupon: | 8.15% per year, payable monthly if worst performing index closes at or above coupon barrier 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 trigger level, par plus final coupon; otherwise, investors will be fully exposed to the worst performer 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
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| Initial levels: | 1,749.65 for Russell, 4,179.83 for S&P, 32,908.27 for Dow
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| Coupon barrier levels: | 1,049.79 for Russell, 2,507.90 for S&P, 19,744.96 for Dow; 60% of initial levels
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| Trigger levels: | 1,049.79 for Russell, 2,507.90 for S&P, 19,744.96 for Dow; 60% of initial levels
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| Pricing date: | May 31
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| Settlement date: | June 5
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 0.75%
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| Cusip: | 78016NED5
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