Published on 3/28/2024 in the Prospect News Structured Products Daily.
New Issue: RBC sells $2.76 million contingent coupon barrier autocalls on S&P, Utilities Select, Russell
By Wendy Van Sickle
Columbus, Ohio, March 28 – Royal Bank of Canada priced $2.76 million of autocallable contingent coupon barrier notes due March 25, 2027 linked to the least performing of the Utilities Select Sector SPDR fund, the S&P 500 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 13.5% if each underlier closes at or above the 70% coupon barrier level on the observation date for that month.
The notes will be called at par if each underlier closes at or above its initial price on any monthly observation date after six months.
The payout at maturity will be par unless any underlier finishes below the 65% trigger level, in which case investors will lose 1% for each 1% decline of the least-performing underlier.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
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| Issue: | Autocallable contingent coupon barrier notes
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| Underliers: | Utilities Select Sector SPDR fund, S&P 500 and Russell 2000
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| Amount: | $2,758,000
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| Maturity: | March 25, 2027
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| Coupon: | 13.5%, payable monthly if each underlier closes at or above coupon barrier level on observation date for that month
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| Price: | Par of $1,000
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| Payout at maturity: | Par unless any underlier finishes below trigger level, in which case 1% loss for each 1% decline of least-performing underlier
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| Call: | At par if each underlier closes at or above initial price on any monthly observation date after six months
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| Initial underlier levels: | 2,074.88 for Russell, $63.87 for Utilities Select, 5,224.62 for S&P
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| Coupon barriers: | 1,452.416 for Russell, $44.71 for Utilities Select, 3,657.23 for S&P; 70% of initial levels
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| Trigger levels: | 1,348.672 for Russell, $41.52 for Utilities Select, 3,396.0 for S&P; 65% of initial levels
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| Pricing date: | March 20
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| Settlement date: | March 25
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 0.1%
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| Cusip: | 78017FMX8
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