Published on 5/8/2023 in the Prospect News Structured Products Daily.
New Issue: RBC prices $452,000 contingent fixed return market-linked notes on S&P 500
By Kiku Steinfeld
Chicago, May 8 – Royal Bank of Canada priced $452,000 of market-linked securities due July 5, 2024 – contingent fixed return and contingent downside linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index gains or finishes flat, the payout will be par plus 17.75%.
If the index declines by up to 15%, the payout will be par.
Otherwise, investors will lose 1% for every 1% decline of the index.
Wells Fargo Securities LLC is the agent.
Issuer: | Royal Bank of Canada
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Issue: | Market-linked securities – contingent fixed return and contingent downside
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Underlying index: | S&P 500
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Amount: | $452,000
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Maturity: | July 5, 2024
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If the index gains or finishes flat, par plus 17.75%; if the index declines by up to 15%, par; 1% loss for every 1% decline of the index
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Initial level: | 3,849.28
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Threshold level: | 3,271.888, 85% of initial level
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Pricing date: | Dec. 29, 2022
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Settlement date: | Jan. 4, 2023
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Agent: | Wells Fargo Securities LLC
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Fees: | 2.575%
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Cusip: | 78016HCY4
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