Published on 7/20/2023 in the Prospect News Structured Products Daily.
New Issue: RBC prices $3.52 million capped gears on Energy Select Sector SPDR fund
By William Gullotti
Buffalo, N.Y., July 20 – Royal Bank of Canada priced $3.52 million of 0% capped gears due Sept. 11, 2024 linked to the Energy Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par of $10 plus triple any fund gain, up to a maximum return of 29.25%.
Investors will be fully exposed to any fund decline.
RBC Capital Markets, LLC and UBS Financial Services Inc. are the agents.
Issuer: | Royal Bank of Canada
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Issue: | Capped gears
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Underlying fund: | Energy Select Sector SPDR fund
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Amount: | $3,517,090
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Maturity: | Sept. 11, 2024
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus three times any fund gain, capped at par plus 29.25%; otherwise, full exposure to losses
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Initial level: | $79.09
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Pricing date: | July 6
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Settlement date: | July 10
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Agents: | RBC Capital Markets, LLC and UBS Financial Services Inc.
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Fees: | 2%
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Cusip: | 78016M521
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