Published on 3/2/2024 in the Prospect News Structured Products Daily.
New Issue: RBC prices $273,000 autocallable contingent coupon barrier notes on indexes
By Kiku Steinfeld
Chicago, March 4 – Royal Bank of Canada priced $273,000 of autocallable contingent coupon barrier notes due July 2, 2024 linked to the lesser performing of the Nasdaq-100 index, the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at the rate of 7% per year if the worst performing index closes at or above its coupon barrier level, 75% 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.
If the notes are not called and each index finishes at or above its 70% final barrier, the payout at maturity will be par.
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: | S&P 500 index, Russell 2000 index, Nasdaq-100 index
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| Amount: | $273,000
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| Maturity: | July 2, 2024
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| Coupon: | 7% annual rate, 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 final barrier level, par, otherwise, investors will be fully exposed to the worst performer from its initial level
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| Call: | At par plus coupon if each index closes at or above initial level on any quarterly observation date
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| Initial levels: | 4,378.41 for S&P, 1,849.930 for Russell, 14,945.91 for Nasdaq
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| Coupon barrier levels: | 3,283.81 for S&P, 1,387.448 for Russell, 11,209.43 for Nasdaq; 75% of initial levels
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| Final barrier levels: | 3,064.89 for S&P, 1,294.951 for Russell, 10,462.14 for Nasdaq; 70% of initial levels
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| Pricing date: | June 27, 2023
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| Settlement date: | June 30, 2023
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 1.875%
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| Cusip: | 78016NEY9
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