Published on 5/12/2023 in the Prospect News Structured Products Daily.
New Issue: RBC prices $1.01 million contingent coupon barrier notes linked to S&P, Russell
By William Gullotti
Buffalo, N.Y., May 12 – Royal Bank of Canada priced $1.01 million of contingent coupon barrier notes due May 1, 2026 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annual rate of 8.65% 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 plus the final coupon unless either index finishes below the 70% trigger level, in which case investors will lose 1% for each 1% that the lesser-performing index declines from initial level.
RBC Capital Markets, LLC is the agent.
Issuer: | Royal Bank of Canada
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Issue: | Contingent coupon barrier notes
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Underlying indexes: | S&P 500 index, Russell 2000 index
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Amount: | $1,009,000
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Maturity: | May 1, 2026
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Coupon: | 8.65%, payable quarterly if each index closes at or above coupon barrier level on observation date for that period
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Price: | Par
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Payout at maturity: | Par plus coupon unless either index finishes below trigger level, in which case investors will lose 1% for each 1% that the lesser-performing index declines from initial level
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Initial index levels: | 4,169.48 for S&P, 1,768.987 for Russell
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Coupon barriers: | 2,918.64 for S&P, 1,238.291 for Russell; 70% of initial index levels
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Trigger levels: | 2,918.64 for S&P, 1,238.291 for Russell; 70% of initial index levels
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Pricing date: | April 28
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Settlement date: | May 3
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Agent: | RBC Capital Markets, LLC
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Fees: | None
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Cusip: | 78016HZG8
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