Published on 10/19/2022 in the Prospect News Structured Products Daily.
New Issue: RBC sells $7.64 million autocallable contingent coupon barrier notes on S&P 500
By William Gullotti
Buffalo, N.Y., Oct. 19 – Royal Bank of Canada priced $7.64 million of autocallable contingent coupon barrier notes due Oct. 17, 2025 linked to the performance of the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at the rate of 10.25% per year if the index closes at or above its coupon barrier level, 70% of its initial level, on the relevant observation date.
The notes will be called at par plus coupon if the index closes at or above its initial level on any quarterly observation date after six months.
If the notes are not called and the index finishes at or above its 70% trigger level, the payout at maturity will be par plus the final coupon. 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: | Autocallable contingent coupon barrier notes
|
| Underlying index: | S&P 500 index
|
| Amount: | $7,643,000
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| Maturity: | Oct. 17, 2025
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| Coupon: | 10.25%, payable quarterly if the index closes at or above coupon barrier level on the relevant observation date
|
| Price: | Par
|
| Payout at maturity: | If the index finishes at or above trigger level, par plus final coupon; otherwise, investors will be fully exposed to decline
|
| Call: | At par plus coupon if the index closes at or above initial level on any quarterly observation date after six months
|
| Initial level: | 3,583.07
|
| Coupon barrier level: | 2,508.15; 70% of initial levels
|
| Trigger level: | 2,508.15; 70% of initial levels
|
| Pricing date: | Oct. 14
|
| Settlement date: | Oct. 19
|
| Agent: | RBC Capital Markets, LLC
|
| Fees: | 2%
|
| Cusip: | 78016FYX6
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