By Wendy Van Sickle
Columbus, Ohio, April 19 – Royal Bank of Canada priced $12.95 million of 0% trigger autocallable gears due April 18, 2024 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index closes at or above its initial level on April 20, 2023, the notes will be automatically called at par plus 10%.
If the notes are not called and the index finishes at or above its initial level, the payout at maturity will be par plus 1.25 times the index gain.
If the index declines but finishes above its 75% downside threshold level, the payout will be par. Otherwise, investors will lose 1% for every 1% that the index’s final level is below its initial level.
RBC Capital Markets,LLC is the underwriter with UBS Financial Services Inc. as selling agent.
| Issuer: | Royal Bank of Canada
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| Issue: | Trigger autocallable gears
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| Underlying index: | S&P 500
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| Amount: | $12,952,000
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| Maturity: | April 18, 2024
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| Coupon: | 0%
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| Price: | Par of $10
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| Call: | At par plus 10% if the index closes at or above its initial level on April 20, 2023
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| Payout at maturity: | If index gains, par plus 1.25 times the gain; par if index falls by 25% or less; full exposure to losses if index finishes below downside threshold level
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| Initial index level: | 4,392.59
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| Downside threshold: | 3,294.44, 75% of initial level
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| Pricing date: | April 14
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| Settlement date: | April 21
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| Underwriters: | RBC Capital Markets,LLC and UBS Financial Services Inc.
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| Fees: | 2%
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| Cusip: | 78016C655
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