Chicago, Feb. 2 – Royal Bank of Canada priced $745,000 of market-linked securities – autocallable with contingent coupon and contingent downside due May 14, 2024 linked to the stock performance of Walt Disney Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly 11% coupon if the stock closes above its 70% threshold level on the related observation date.
The notes will be called at par if the stock closes above its initial level on any monthly calculation date starting after six months.
The payout at maturity will be par if the stock finishes above 70% of its initial level.
Otherwise, investors will be fully exposed to the losses of the stock.
Wells Fargo Securities, LLC is the agent.
| Issuer: | Royal Bank of Canada
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| Issue: | Market-linked securities – autocallable with contingent coupon and contingent downside
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| Underlying stock: | Walt Disney Co.
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| Amount: | $745,000
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| Maturity: | May 14, 2024
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| Coupon: | 11% annual rate, payable monthly if stock closes above threshold level on related observation date
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| Price: | Par
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| Payout at maturity: | If the stock finishes at or above threshold level, par; otherwise, full exposure to decline of stock
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| Call: | At par on any monthly calculation date starting after six months if stock closes above initial level
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| Initial level: | $102.18
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| Threshold level: | $71.526; 70% of initial level
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| Pricing date: | May 9, 2023
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| Settlement date: | May 12, 2023
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| Agent: | Wells Fargo Securities, LLC
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| Fees: | 1.325%
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| Cusip: | 78016NAE7
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