New Issue: RBC prices $1.12 million absolute return barrier notes on S&P 500

By William Gullotti

Buffalo, N.Y., Feb. 12 – Royal Bank of Canada priced $1.12 million of 0% absolute return barrier notes due March 31, 2025 linked to the S&P 500 index, according to a 424B2 filed with the Securities and Exchange Commission.

If the index has never closed below the barrier level, 78% of the initial level, or above the upper barrier level, 122% of the initial level, during the life of the notes, the payout at maturity will be par plus the absolute value of the index return.

Otherwise, the payout will be par plus 2%.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Absolute return barrier notes
Underlying index:	S&P 500 index
Amount:	$1,117,000
Maturity:	March 31, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	If never closes below lower barrier level or above upper barrier level during life of notes, par plus absolute value of return; otherwise, par plus 2%
Initial level:	4,273.53
Upper barrier level:	5,213.71; 122% of initial level
Lower barrier level:	3,333.35; 78% of initial level
Pricing date:	Sept. 26, 2023
Settlement date:	Sept. 29, 2023
Underwriter:	RBC Capital Markets, LLC
Fees:	1.347%
Cusip:	78016NZK6

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.