Published on 6/2/2023 in the Prospect News Structured Products Daily.
New Issue: RBC prices $1.24 million barrier enhanced return notes linked to S&P 500
By William Gullotti
Buffalo, N.Y., June 2 – Royal Bank of Canada priced $1.24 million of 0% barrier enhanced return notes due May 31, 2028 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index return is positive, the payout at maturity will be par plus 136% of the return. Investors will receive par if the index declines by 30% or less and will lose 1% for every 1% that the index declines from initial level if it finishes below the barrier.
RBC Capital Markets, LLC is the agent.
Issuer: | Royal Bank of Canada
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Issue: | Barrier enhanced return notes
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Underlying index: | S&P 500 index
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Amount: | $1,235,000
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Maturity: | May 31, 2028
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If the index return is positive, par plus 136% of the index return; par if index declines by 30% or less; otherwise, 1% loss for every 1% that the index declines from initial level
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Initial levels: | 4,151.28
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Barrier levels: | 2,905.9; 70% of initial levels
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Pricing date: | May 25
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Settlement date: | May 31
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Agent: | RBC Capital Markets, LLC
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Fees: | 0.75%
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Cusip: | 78016NDD6
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