Published on 1/5/2024 in the Prospect News Structured Products Daily.
New Issue: RBC prices $1.44 million autocallable barrier enhanced return notes linked to S&P 500
By William Gullotti
Buffalo, N.Y., Jan. 5 – Royal Bank of Canada priced $1.44 million of 0% autocallable barrier enhanced return notes due Dec. 24, 2026 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called automatically at par plus a 8.25% call premium if the index closes at or above its initial level on Dec. 24, 2024.
If the notes are not called and the index return is positive, the payout at maturity will be par plus 125% of the return.
Investors will receive par if the index declines by 25% or less and will be fully exposed to loss if the index declines by more than 25%.
RBC Capital Markets, LLC is the agent.
Issuer: | Royal Bank of Canada
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Issue: | Autocallable barrier enhanced return notes
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Underlying index: | S&P 500 index
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Amount: | $1,436,000
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Maturity: | Dec. 24, 2026
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If index return is positive, par plus 125% of index return; par if index declines by 25% or less; otherwise, 1% loss for every 1% of index decline from initial level
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Call: | Automatically at par plus 8.25% call premium if the index closes at or above initial level on Dec. 24, 2024
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Initial level: | 4,746.75
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Barrier level: | 3,560.06; 75% of initial level
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Pricing date: | Dec. 21
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Settlement date: | Dec. 27
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Agent: | RBC Capital Markets, LLC
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Fees: | 2.452%
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Cusip: | 78017F2Z5
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