Published on 11/4/2022 in the Prospect News Structured Products Daily.
New Issue: RBC prices $1 million market plus notes on S&P 500
By Kiku Steinfeld
Chicago, Nov. 4 – Royal Bank of Canada priced $1 million of 0% market plus notes due March 11, 2027 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par plus any index gain.
Investors will receive par if the index falls by up to 37.6%. Otherwise, investors will be fully exposed to the index’s decline from its initial level.
RBC Capital Markets, LLC is the underwriter with JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC as placement agents.
Issuer: | Royal Bank of Canada
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Issue: | Market plus notes
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Underlying index: | S&P 500 index
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Amount: | $1 million
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Maturity: | March 11, 2027
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus any index gain; par if index falls by 37.6% or less; otherwise, 1% loss for every 1% decline in the index from initial level
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Initial level: | 4,170.70
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Barrier level: | 2,602.52; 62.4% of initial level
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Pricing date: | March 9
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Settlement date: | March 14
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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: | 3%
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Cusip: | 78016FG24
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