Published on 5/1/2021 in the Prospect News Structured Products Daily.
New Issue: RBC sells $7.3 million contingent coupon barrier autocallables on S&P, Russell
Chicago, May 3 – Royal Bank of Canada priced $7.3 million of autocallable contingent coupon barrier notes due March 20, 2024 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 6.25% if the lesser performing index closes at or above its 65% coupon barrier on the observation date for that quarter.
The notes will be automatically called at par plus the coupon if the lesser performing index closes above its initial level on any quarterly call observation date starting after six months.
The payout at maturity will be par unless the lesser performing index finishes below its 65% trigger level, in which case investors will be fully exposed to the loss.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
|
| Issue: | Autocallable contingent coupon barrier notes
|
| Underlying indexes: | S&P 500 index, Russell 2000 index
|
| Amount: | $7,302,000
|
| Maturity: | March 20, 2024
|
| Coupon: | 6.25% annual rate, payable each quarter that lesser performing index closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless lesser performing index finishes below its trigger level, in which case full exposure to loss
|
| Call: | Automatically at par plus coupon if lesser performing index closes at or above initial level on any quarterly call observation date starting after six months
|
| Initial prices: | 3,968.94 for S&P, 2,360.168 for Russell
|
| Coupon barrier: | 2,579.81 for S&P, 1,534.109 for Russell, 65% of initial level
|
| Trigger level: | 2,579.81 for S&P, 1,534.109 for Russell, 65% of initial level
|
| Pricing date: | March 15
|
| Settlement date: | March 18
|
| Agent: | RBC Capital Markets, LLC
|
| Fees: | 2.25%
|
| Cusip: | 78016EHQ3
|
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