Published on 3/31/2022 in the Prospect News Structured Products Daily.
New Issue: RBC sells $710,000 contingent coupon barrier autocalls with memory coupon on S&P
By Kiku Steinfeld
Chicago, March 31 – Royal Bank of Canada priced $710,000 of autocallable contingent coupon barrier notes with memory coupon due Oct. 7, 2022 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon, plus any previously unpaid coupons, at an annual rate of 8.3% if the index closes at or above its 80% coupon barrier on any corresponding observation date.
The notes will be automatically called at par if the index closes at or above its initial price on any quarterly observation date.
The payout at maturity will be par unless the index finishes below its 80% trigger price, in which case investors will be fully exposed to any losses.
RBC Capital Markets, LLC is the agent with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA acting as the placement agents.
| Issuer: | Royal Bank of Canada
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| Issue: | Autocallable contingent coupon barrier notes with memory coupon
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| Underlying index: | S&P 500
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| Amount: | $710,000
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| Maturity: | Oct. 7, 2022
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| Coupon: | 8.3%, payable each quarter plus any previously unpaid coupons if index closes at or above coupon barrier on related observation date
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| Price: | Par
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| Payout at maturity: | Par unless index finishes below trigger price, in which case par plus return with full exposure to losses
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| Call: | Automatically at par if index closes at or above initial price on any quarterly observation date
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| Initial price: | 4,354.19
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| Coupon barrier: | 3,483.35, 80% of initial price
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| Trigger price: | 3,483.35, 80% of initial price
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| Pricing date: | Sept. 22
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| Settlement date: | Sept. 27
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| Agent: | RBC Capital Markets, LLC with J.P. Morgan Securities LLC and JPMorgan Chase Bank, NA as placement agents
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| Fees: | 1%
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| Cusip: | 78016E5V5
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