Published on 4/11/2023 in the Prospect News Structured Products Daily.
New Issue: RBC sells $3.86 million capped buffer gears linked to S&P 500
By William Gullotti
Buffalo, N.Y., April 11 – Royal Bank of Canada priced $3.86 million of 0% capped buffer gears due March 31, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index return is greater than zero, the payout at maturity will be par of $10 plus double the index return, capped at par plus 25.8%.
Investors will receive par if the index declines by 15% or less and lose 1% for every 1% that the index declines beyond 15%.
UBS Financial Services Inc. and RBC Capital Markets, LLC are the agents.
Issuer: | Royal Bank of Canada
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Issue: | Capped buffer gears
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Underlying index: | S&P 500 index
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Amount: | $3,855,000
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Maturity: | March 31, 2025
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If the index return is greater than zero, par plus two times the index return, capped at par plus 25.8%; par if the index declines by 15% or less; 1% loss for every 1% decline beyond 15%
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Initial level: | 3,971.27
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Downside threshold: | 3,375.58; 85% of initial level
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Pricing date: | March 28
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Settlement date: | March 31
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Agents: | UBS Financial Services Inc. and RBC Capital Markets, LLC
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Fees: | None
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Cusip: | 78016M216
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