Published on 3/22/2024 in the Prospect News Structured Products Daily.
New Issue: RBC prices $1.11 million barrier enhanced return notes linked to SPDR ETF
By William Gullotti
Buffalo, N.Y., March 22 – Royal Bank of Canada priced $1.11 million of 0% barrier enhanced return notes due May 20, 2025 linked to the SPDR S&P 500 ETF Trust, according to a 424B2 filing with the Securities and Exchange Commission.
If the ETF return is positive, the payout at maturity will be par plus 200% of the return, subject to a maximum payout of par plus 12.5%.
Investors will receive par if the ETF declines by 10% or less and will lose 1% for every 1% that the ETF declines from initial level if it finishes below 90% of initial level.
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 fund: | SPDR S&P 500 ETF Trust
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Amount: | $1,109,000
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Maturity: | May 20, 2025
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If the ETF return is positive, par plus 200% of the ETF return, capped at par plus 12.5%; par if ETF declines by 10% or less; otherwise, 1% loss for every 1% that the ETF declines from initial level
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Initial levels: | $509.83
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Barrier levels: | $458.85; 90% of initial levels
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Pricing date: | March 15
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Settlement date: | March 20
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Agent: | RBC Capital Markets, LLC
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Fees: | 2%
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Cusip: | 78017FM26
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