Published on 3/1/2023 in the Prospect News Structured Products Daily.
New Issue: RBC prices $40,000 contingent coupon buffer notes linked to S&P, Dow
By Kiku Steinfeld
Chicago, March 1 – Royal Bank of Canada priced $40,000 of contingent coupon buffer notes due Nov. 21, 2025 linked to the lesser performing of the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a semiannual coupon at an annual rate of 7.7% if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that period.
The payout at maturity will be par unless either index finishes below 85%, in which case investors will lose 1% for each 1% that the lesser-performing index declines below 15%.
RBC Capital Markets, LLC is the agent.
Issuer: | Royal Bank of Canada
|
Issue: | Contingent coupon buffer notes
|
Underlying indexes: | S&P 500 index, Dow Jones industrial average
|
Amount: | $40,000
|
Maturity: | Nov. 21, 2025
|
Coupon: | 7.7%, payable semiannually if each index closes at or above coupon barrier level on observation date for that period
|
Price: | Par
|
Payout at maturity: | Par unless either index finishes below buffer level, in which case investors will lose 1% for each 1% that the lesser-performing index finishes beyond the 15% buffer
|
Initial index levels: | 3,965.34 for S&P, 33,745.69 for Dow
|
Coupon barriers: | 2,775.74 for S&P, 23,621.98 for Dow; 70% of initial index levels
|
Buffer levels: | 3,370.54 for S&P, 28,683.84 for Dow; 85% of initial index levels
|
Pricing date: | Nov. 18, 2022
|
Settlement date: | Nov. 23, 2022
|
Agent: | RBC Capital Markets, LLC
|
Fees: | 2.5%
|
Cusip: | 78016H3B4
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.