Published on 1/25/2024 in the Prospect News Structured Products Daily.
New Issue: RBC prices $2.58 million barrier absolute enhanced return notes on S&P
Chicago, Jan. 25 – Royal Bank of Canada priced $2.58 million of 0% barrier absolute enhanced return notes due July 24, 2028 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index finishes at or above its initial level, the payout at maturity will be par plus 1.14 times the index return
If the index declines up to the barrier level, 75% of the initial index level, the payout will be par plus the absolute value of the index return.
Otherwise, investors will have full exposure to the index decline.
RBC Capital Markets, LLC is the underwriter.
Issuer: | Royal Bank of Canada
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Issue: | Barrier absolute enhanced return notes
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Underlying index: | S&P 500 index
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Amount: | $2,577,000
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Maturity: | July 24, 2028
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If index finishes at or above its initial level, par plus 1.14 times the index return; if index declines no more than 25%, par plus absolute value of index return; otherwise, full exposure to decline
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Initial index level: | 4,839.81
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Barrier level: | 3,629.86, 75% of initial level
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Pricing date: | Jan. 19
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Settlement date: | Jan. 24
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Underwriter: | RBC Capital Markets, LLC
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Fees: | 0%
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Cusip: | 78017FAR4
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