Published on 3/9/2023 in the Prospect News Structured Products Daily.
New Issue: RBC prices $585,000 buffered phoenix autocallable notes with memory on Schlumberger
Chicago, March 9 – Royal Bank of Canada priced $585,000 of buffered phoenix autocallable notes with memory coupon due June 1, 2023 linked to Schlumberger NV shares, according to a 424B2 filing with the Securities and Exchange Commission.
If the stock closes at or above the buffer level, 70% of the initial level, on a quarterly observation date, the notes will pay a contingent coupon at an annualized rate of 14.2%, plus any previously unpaid contingent interest payments.
The notes will be called at par plus coupon if the shares close at or above the initial level on any observation date other than the final date.
The payout at maturity will be par plus the final coupon unless the stock finishes below the 70% buffer level, in which case investors will lose 1.4286% for every 1% decline beyond 30%.
RBC Capital Markets, LLC is the agent. JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are acting as placement agents.
| Issuer: | Royal Bank of Canada
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| Issue: | Buffered phoenix autocallable notes with memory coupon
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| Underlying stock: | Schlumberger NV
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| Amount: | $585,000
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| Maturity: | June 1, 2023
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| Coupon: | 14.2% annualized, paid quarterly, plus any previously unpaid coupons if stock closes at or above buffer level on quarterly observation date
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| Price: | Par
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| Payout at maturity: | Par plus all unpaid coupons if stock finishes at or above buffer level; otherwise, lose 1.4286% for every 1% decline beyond 30%
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| Call: | At par plus coupon if stock closes at or above initial level on a quarterly observation date
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| Initial level: | $40.74
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| Buffer level: | $28.52; 70% of initial level
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| Pricing date: | May 13, 2022
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| Settlement date: | May 18, 2022
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| Agent: | RBC Capital Markets, LLC,
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| Placement agents: | JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
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| Fees: | 1%
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| Cusip: | 78016FK52
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