Published on 7/28/2022 in the Prospect News Structured Products Daily.
New Issue: RBC prices $4.4 million contingent digital return barrier notes on S&P 500
By Wendy Van Sickle
Columbus, Ohio, July 28 – Royal Bank of Canada priced $4.4 million of 0% contingent digital return barrier notes due Aug. 9, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index finishes at or above its barrier level, 60% of initial level, the payout at maturity will be par plus 6.3%. Investors will be fully exposed to the decline otherwise.
RBC Capital Markets, LLC is the underwriter. JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are the placement agents.
Issuer: | Royal Bank of Canada
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Issue: | Contingent digital return barrier notes
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Underlying index: | S&P 500 index
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Amount: | $4.4 million
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Maturity: | Aug. 9, 2023
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If the index final level is greater than or equal to its barrier level, the payout at maturity will be par plus 6.3%; otherwise, full exposure to index decline from its initial level
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Initial level: | 3,961.63
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Barrier level: | 2,376.98; 60% of initial level
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Pricing date: | July 25
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Settlement date: | July 28
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Underwriter: | RBC Capital Markets, LLC
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Placement agents: | JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
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Fees: | 1%
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Cusip: | 78016FQ72
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