Published on 11/4/2023 in the Prospect News Structured Products Daily.
New Issue: RBC sells $630,000 contingent coupon barrier autocalls on Nasdaq, Dow, Russell
By Kiku Steinfeld
Chicago, Nov. 6 – Royal Bank of Canada priced $630,000 of autocallable contingent coupon barrier notes due Oct. 3, 2024 linked to the least performing of the Dow Jones industrial average, the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each month, the notes will pay a contingent coupon at an annual rate of 12.75% if each index closes at or above the 70% barrier level on the observation date for that month.
The notes will be called at par if each index closes at or above its initial price on any monthly observation date after three months.
The payout at maturity will be par unless any index finishes below the 70% barrier level, in which case investors will lose 1% for each 1% decline of the lesser-performing index.
RBC Capital Markets, LLC is the underwriter.
Issuer: | Royal Bank of Canada
|
Issue: | Autocallable contingent coupon barrier notes
|
Underliers: | Dow Jones industrial average, Nasdaq-100 and Russell 2000
|
Amount: | $630,000
|
Maturity: | Oct. 3, 2024
|
Coupon: | 12.75%, payable monthly if each index closes at or above barrier level on observation date for that month
|
Price: | Par of $1,000
|
Payout at maturity: | Par unless any index finishes below barrier level, in which case 1% loss for each 1% decline of lesser-performing index
|
Call: | At par if each index closes at or above initial price on any monthly observation date after three months
|
Initial index levels: | 1,802.484 for Russell, 33,274.15 for Dow, 13,181.35 for Nasdaq
|
Coupon barriers: | 1,261.739 for Russell, 23,291.91 for Dow, 9,226.95 for Nasdaq; 70% of initial index levels
|
Trigger levels: | 1,081.490 for Russell, 19,964.49 for Dow, 7,908.81 for Nasdaq; 70% of initial index levels
|
Pricing date: | March 31, 2023
|
Settlement date: | April 5, 2023
|
Agent: | RBC Capital Markets, LLC
|
Fees: | 0.65%
|
Cusip: | 78016HWP1
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.