Published on 7/15/2023 in the Prospect News Structured Products Daily.
New Issue: RBC sells $414,000 autocallable contingent coupon barrier notes on three indexes
Chicago, July 17 – Royal Bank of Canada priced $414,000 of autocallable contingent coupon barrier notes due July 15, 2026 linked to the performance of the Nasdaq-100 index, the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at the rate of 9% per year if the worst performing index closes at or above its coupon barrier level, 75% of its initial level, on the relevant observation date.
The notes will be called at par plus coupon if the worst performing index closes at or above its initial level on any quarterly observation date starting after one year.
If the notes are not called and each index finishes at or above its 70% trigger barrier, the payout at maturity will be par plus any final coupon.
Otherwise, investors will be fully exposed to the decline of the worst performing index from its initial level.
RBC Capital Markets, LLC is the agent.
Issuer: | Royal Bank of Canada
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Issue: | Autocallable contingent coupon barrier notes
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Underlying indexes: | S&P 500 index, Dow Jones industrial average, Nasdaq-100 index
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Amount: | $414,000
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Maturity: | July 15, 2026
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Coupon: | 9% annual rate, payable monthly if worst performing index closes at or above coupon barrier level on the relevant observation date
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Price: | Par
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Payout at maturity: | If all indexes finish at or above trigger barrier level, par plus final coupon; otherwise, investors will be fully exposed to the worst performer from its initial level
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Call: | At par plus coupon if each index closes at or above initial level on any quarterly observation date starting after one year
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Initial levels: | 4,409.53 for S&P, 33,944.40 for Dow, 15,045.64 for Nasdaq
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Coupon barrier levels: | 3,307.15 for S&P, 25,458.30 for Dow, 11,284.23 for Nasdaq; 75% of initial levels
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Trigger levels: | 3,086.67 for S&P, 23,761.08 for Dow, 10,531.95 for Nasdaq; 70% of initial levels
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Pricing date: | July 10
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Settlement date: | July 13
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Agent: | RBC Capital Markets, LLC
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Fees: | 0.5%
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Cusip: | 78016NLK1
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