Published on 4/28/2023 in the Prospect News Structured Products Daily.
New Issue: RBC prices $2.71 million levered market plus notes on S&P 500
By William Gullotti
Buffalo, N.Y., April 28 – Royal Bank of Canada priced $2.71 million of 0% levered market plus notes due April 24, 2026 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 1.128 times any index gain.
Investors will receive par if the index falls by up to 25%. 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: | Levered market plus notes
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Underlying index: | S&P 500 index
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Amount: | $2.71 million
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Maturity: | April 24, 2026
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par plus 1.128 times any index gain; par if index falls by 25% or less; otherwise, 1% loss for every 1% decline in the index from initial level
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Initial level: | 4,133.52
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Barrier level: | 3,100.14; 75% of initial level
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Pricing date: | April 21
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Settlement date: | April 26
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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: | 2%
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Cusip: | 78016HYY0
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