Published on 4/14/2023 in the Prospect News Structured Products Daily.
New Issue: RBC prices $36.7 million notes linked to Raymond James 2023 best picks basket
By Kiku Steinfeld
Chicago, April 14 – Royal Bank of Canada priced $36.7 million of notes due Dec. 20, 2023 linked to an equally weighted basket of stocks that make up the Raymond James Analysts’ Best Picks for 2023, according to a 424B2 filing with the Securities and Exchange Commission.
The 19 reference stocks are Allstate Corp., APA Corp., Boston Scientific Corp., Clean Harbors, Inc., Copa Holdings SA, CubeSmart, Encompass Health Corp., Equinix, Inc., Fidelity National Information Services, Inc., First Republic Bank, Intercontinental Exchange, Inc., Juniper Networks, Inc., Mobileye Global Inc., Dave & Buster's Entertainment, Inc., Planet Fitness, Inc., TD Synnex Corp., Target Corp., Wesco International, Inc. and Weyerhaeuser Co.
TD Synnex was previously Synnex Corp. before it merged with Tech Data.
The stocks were selected in December by the equity research department at Raymond James & Associates, Inc. The Raymond James analysts' goal in selecting the Best Picks for 2023 was to identify stocks that will be able to sustain operational growth and price appreciation over a 12-month period.
Interest is payable quarterly. The amount of interest to be paid will depend on the total dividends paid on the reference stocks during the preceding quarter. The amount of interest will be the sum of the dividends multiplied by the 97.8% participation rate.
The payout at maturity will be par of $1,000 times 97.8% times the basket level percentage. Because of the participation rate, investors will receive less than par if the basket does not gain by at least 102.25%.
RBC Capital Markets, LLC is the agent with Raymond James acting as the agent for distribution.
Issuer: | Royal Bank of Canada
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Issue: | Notes
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Underlying stocks: | Allstate Corp. (ALL), APA Corp. (APA), Boston Scientific Corp. (BSX), Clean Harbors, Inc. (CLH), Copa Holdings SA (CPA), CubeSmart (CUBE), Encompass Health Corp. (EHC), Equinix, Inc. (EQIX), Fidelity National Information Services, Inc. (FIS), First Republic Bank (FRC), Intercontinental Exchange, Inc. (ICE), Juniper Networks, Inc. (JNPR), Mobileye Global Inc. (MBLY), Dave & Buster's Entertainment, Inc. (PLAY), Planet Fitness, Inc. (PLNT), TD Synnex Corp. (SNX), Target Corp. (TGT), Wesco International, Inc. (WCC) and Weyerhaeuser Co. (WY); equally weighted
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Amount: | $36,701,000
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Maturity: | Dec. 20, 2023
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Coupon: | Payable quarterly; amount will be 97.8% of sum of all dividends paid during the preceding quarter
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Price: | Par
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Payout at maturity: | Par times 97.8% times the basket level percentage; because of participation rate, investors will receive less than par if the basket does not gain by at least 102.25%
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Initial basket level: | Arithmetic mean of each stock’s closing price on four consecutive averaging dates beginning Dec. 13, 2022 and ending Dec. 16, 2022
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Final basket level: | Arithmetic mean of each stock’s closing price on four consecutive averaging dates beginning Dec. 13, 2023 and ending Dec. 18, 2023
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Pricing date: | Dec. 13, 2022
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Settlement date: | Dec. 19, 2022
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Agent: | RBC Capital Markets, LLC with Raymond James acting as agent for distribution
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Fees: | 1.25%
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Cusip: | 78015QCV1
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