Published on 2/12/2024 in the Prospect News Structured Products Daily.
New Issue: RBC prices $2.46 million contingent coupon barrier notes with memory on three indexes
By William Gullotti
Buffalo, N.Y., Feb. 12 – Royal Bank of Canada priced $2.46 million of contingent coupon barrier notes with memory coupon due Jan. 31, 2028 linked to the performance of the Dow Jones industrial average, 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 8.5% if each index closes at or above its coupon barrier level, 80% of its initial level, on the observation date for that period. Previously unpaid coupons, if any, will be automatically included whenever a coupon is paid.
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 70% 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 with memory coupon
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| Underlying indexes: | Dow Jones industrial average, Russell 2000 index, Nasdaq-100 index
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| Amount: | $2,462,000
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| Maturity: | Jan. 31, 2028
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| Coupon: | 8.5%, payable quarterly if each index closes at or above coupon barrier level on observation date for that period; coupon payment events will automatically include any previously unpaid coupons
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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: | 38,109.43 for Dow, 17,421.01 for Nasdaq, 1,978.331 for Russell
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| Coupon barriers: | 30,487.54 for Dow, 13,936.81 for Nasdaq, 1,582.665 for Russell; 80% of initial index levels
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| Trigger levels: | 26,676.6 for Dow, 12,194.71 for Nasdaq, 1,384.832 for Russell; 70% of initial index levels
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| Pricing date: | Jan. 26
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| Settlement date: | Jan. 31
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 0.251%
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| Cusip: | 78017FCG6
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