By William Gullotti
Buffalo, N.Y., June 21 – Royal Bank of Canada priced $1.19 million of 0% autocallable barrier enhanced return notes due June 20, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called automatically at par plus a 10.25% call premium if the index closes at or above its initial level on June 18, 2024.
If the notes are not called and the index return is positive, the payout at maturity will be par plus 150% of the return.
Investors will receive par if the index declines by 20% or less and will be fully exposed to loss if the index declines by more than 20%.
RBC Capital Markets, LLC is the agent.
Issuer: | Royal Bank of Canada
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Issue: | Autocallable barrier enhanced return notes
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Underlying index: | S&P 500 index
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Amount: | $1.19 million
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Maturity: | June 20, 2025
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If index return is positive, par plus 150% of index return; par if index declines by 20% or less; otherwise, 1% loss for every 1% of index decline from initial level
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Call: | Automatically at par plus 10.25% call premium if the index closes at or above initial level on June 18, 2024
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Initial level: | 4,425.84
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Barrier level: | 3,540.67; 80% of initial level
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Pricing date: | June 15
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Settlement date: | June 21
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Agent: | RBC Capital Markets, LLC
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Fees: | 2.25%
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Cusip: | 78016NGX9
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