Published on 10/26/2023 in the Prospect News Structured Products Daily.
New Issue: RBC sells $303,000 autocallable contingent coupon barrier notes on two indexes
By Kiku Steinfeld
Chicago, Oct. 26 – Royal Bank of Canada sold $303,000 of autocallable contingent coupon barrier notes due April 2, 2026 linked to the lesser performing of the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annual rate of 9% if each index closes at or above its coupon barrier level, 65% of its initial level, on the observation date for that period.
The notes will be called at par plus the coupon if each index closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par plus the final coupon unless either index finishes below the 65% barrier level, in which case investors will lose 1% for each 1% that the lesser-performing index’s final level from its initial level.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
|
| Issue: | Autocallable contingent coupon barrier notes
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| Underlying indexes: | Nasdaq-100 index and Russell 2000 index
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| Amount: | $303,000
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| Maturity: | April 2, 2026
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| Coupon: | 6.5% annual rate, payable quarterly if each index closes at or above coupon barrier level on observation date for that period
|
| Level: | Par
|
| Payout at maturity: | Par plus coupon unless either index finishes below barrier level, in which case investors will lose 1% for each 1% that the lesser-performing index declines from the initial level
|
| Call: | Automatically at par if each index closes at or above its initial level on any quarterly observation date after six months
|
| Initial index levels: | 12,846.03 for Nasdaq, 1,771.599 for Russell
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| Coupon barrier levels: | 8,349.92 for Nasdaq, 1,151.539 for Russell; 65% of initial levels
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| Barrier levels: | 8,349.92 for Nasdaq, 1,151.539 for Russell; 65% of initial levels
|
| Pricing date: | March 29, 2023
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| Settlement date: | March 31, 2023
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| Agent: | RBC Capital Markets, LLC
|
| Fees: | 2.25%
|
| Cusip: | 78016HW48
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