By Kiku Steinfeld
Chicago, Sept. 30 – Royal Bank of Canada priced $500,000 issuer callable contingent coupon barrier notes due Aug. 4, 2023 tied to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly contingent coupon at an annual rate of 7.25% if the index closes at or above its 75% coupon barrier on the relevant observation date.
The notes may be called at par plus any coupon due at the option of the issuer on any monthly coupon payment date after six months.
Investors will receive par plus the contingent coupon if the final level of the index is at or above its 75% trigger level.
Otherwise, investors will be fully exposed to the index’s decline from its initial level.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
|
| Issue: | Issuer callable contingent coupon barrier notes
|
| Underlying index: | S&P 500 index
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| Amount: | $500,000
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| Maturity: | Aug. 4, 2023
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| Coupon: | 7.25% per year, paid monthly if index closes at or above coupon barrier on the related observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon unless index finishes below trigger level, in which case full exposure to index decline from initial level
|
| Call option: | At par plus any coupon due at the option of the issuer on any monthly coupon payment date after six months
|
| Initial level: | 4,546.54
|
| Coupon barrier level: | 3,409.91; 75% of initial level
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| Trigger level: | 3,409.91; 75% of initial level
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| Pricing date: | Feb. 1
|
| Settlement date: | Feb. 4
|
| Agent: | RBC Capital Markets, LLC
|
| Fees: | 0.7%
|
| Cusip: | 78016FD92
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