Published on 2/14/2024 in the Prospect News Structured Products Daily.
New Issue: RBC sells $500,000 7.15% autocallable fixed-coupon barrier notes on Delta
Chicago, Feb. 14 – Royal Bank of Canada priced $500,000 of 7.15% autocallable fixed-coupon barrier notes due Jan. 4, 2027 tied to the shares of Delta Air Lines, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be automatically called early at par starting after six months if the stock closes above its initial level on any quarterly call observation date.
At maturity investors will receive par unless the stock finishes below its 60% barrier price, in which case investors will be fully exposed to the decline in the stock price, payable either in shares or cash at issuer’s option.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
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| Issue: | Autocallable fixed-coupon barrier notes
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| Underlying stock: | Delta Air Lines, Inc.
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| Amount: | $500,000
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| Maturity: | Jan. 4, 2027
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| Coupon: | 7.15% per year, payable monthly
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| Price: | Par
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| Payout at maturity: | Par unless stock finishes below barrier level, in which case full exposure to loss of stock, payable in shares or cash
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| Call: | Automatically at par if stock closes above initial level on any quarterly call observation date starting after six months
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| Initial price: | $40.23
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| Barrier level: | $24.14, 60% of initial level
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| Pricing date: | Dec. 29, 2023
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| Settlement date: | Jan. 4, 2024
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 2.5%
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| Cusip: | 78015QGU9
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