Published on 1/19/2024 in the Prospect News Structured Products Daily.
New Issue: RBC prices $3 million contingent coupon barrier notes linked to S&P, Russell, Nasdaq
By William Gullotti
Buffalo, N.Y., Jan. 19 – Royal Bank of Canada priced $3 million of contingent coupon barrier notes due Jan. 18, 2028 linked to the performance of the S&P 500 index, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annual rate of 8% if each index closes at or above its coupon barrier level, 65% of its initial level, on the observation date for that period.
The payout at maturity will be par plus the final coupon if each index finishes at or above its coupon barrier.
If the worst performer finishes below its coupon barrier but at or above the 60% trigger level, the payout will be par. Otherwise, investors will be fully exposed to the decline of the worst performer from its initial level.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
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| Issue: | Contingent coupon barrier notes
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| Underlying indexes: | S&P 500 index, Russell 2000 index, Nasdaq-100 index
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| Amount: | $3 million
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| Maturity: | Jan. 18, 2028
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| Coupon: | 8%, payable quarterly if each index closes at or above coupon barrier level on observation date for that period
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above coupon barrier, par plus final coupon; if worst performer finishes below coupon barrier but at or above trigger level, par; otherwise, 1% loss for every 1% decline of worst performer from its initial level
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| Initial index levels: | 4,783.83 for S&P, 16,832.92 for Nasdaq, 1,950.964 for Russell
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| Coupon barriers: | 3,109.49 for S&P, 10,941.4 for Nasdaq, 1,268.127 for Russell; 65% of initial index levels
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| Trigger levels: | 2,870.3 for S&P, 10,099.75 for Nasdaq, 1,170.578 for Russell; 60% of initial index levels
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| Pricing date: | Jan. 12
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| Settlement date: | Jan. 18
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| Agent: | RBC Capital Markets, LLC
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| Fees: | None
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| Cusip: | 78017FC35
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