Published on 6/1/2023 in the Prospect News Structured Products Daily.
New Issue: RBC prices $500,000 autocallable contingent coupon barrier notes on Freeport-McMoRan
By Kiku Steinfeld
Chicago, June 1 – Royal Bank of Canada priced $500,000 of autocallable contingent coupon barrier notes due Jan. 29, 2026 linked to the common stock of Freeport-McMoRan Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annual rate of 12.95% if the stock closes at or above its coupon barrier price, 50% of its initial price, on the corresponding monthly observation date.
The notes will be called at par plus coupon if the stock closes at or above its initial share price on any quarterly observation date after six months.
If the notes are not called, the payout at maturity will be par plus the final coupon unless the stock finishes below its 50% trigger price, in which case the payout will be a number of Freeport-McMoRan shares equal to par of $10,000 divided by the initial share price.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
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| Issue: | Autocallable contingent coupon barrier notes
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| Underlying stock: | Freeport-McMoRan Inc.
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| Amount: | $500,000
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| Maturity: | Jan. 29, 2026
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| Coupon: | 12.95% annual rate, payable monthly if stock closes at or above coupon barrier price on the corresponding observation date
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| Price: | Par of $10,000
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| Payout at maturity: | Par plus final coupon unless stock finishes below trigger price, in which case 224.27 shares of Freeport-McMoRan
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| Call: | At par plus coupon if stock closes at or above initial share price on any quarterly observation date after six months
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| Initial share price: | $44.59
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| Coupon barrier price: | $22.30, or 50% of initial share price
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| Trigger price: | $22.30, or 50% of initial share price
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| Pricing date: | Jan. 24, 2023
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| Settlement date: | Jan. 27, 2023
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 2%
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| Cusip: | 78015QDX6
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