Published on 5/5/2022 in the Prospect News Structured Products Daily.
New Issue: RBC sells $2.4 million contingent income buffered autocalls on S&P, Russell
By William Gullotti
Buffalo, N.Y., May 5 – Royal Bank of Canada priced $2.4 million of contingent income buffered autocallable securities due May 1, 2024 linked to the performance of the S&P 500 index and the Russell 2000 index, according to a 424B2 filed with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 5% if each index closes at or above its 80% coupon barrier on the corresponding observation date.
The notes will be called at par plus coupon if each index closes at or above its initial level on any quarterly review date after six months.
The payout at maturity will be par plus the final coupon if each index finishes at or above its 80% buffer level. Otherwise, investors will lose 1% for every 1% decline of the worst performer below 20%.
RBC Capital Markets, LLC is the agent. Morgan Stanley Wealth Management is the dealer.
| Issuer: | Royal Bank of Canada
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| Issue: | Contingent income buffered autocallable securities
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| Underlying indexes: | S&P 500 index, Russell 2000 index
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| Amount: | $2,398,000
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| Maturity: | May 1, 2024
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| Coupon: | 5% annualized, payable quarterly if each index closes at or above coupon barrier on review date on the relevant review date
|
| Price: | Par
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| Payout at maturity: | If each index finishes at or above buffer level, par plus final coupon; otherwise, 1% loss for each 1% decline of worst performing index below 20%
|
| Call: | At par plus coupon if each index closes at or above its initial level on any quarterly call date after six months
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| Initial levels: | 4,175.2 for S&P, 1,890.475 for Russell
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| Coupon barrier levels: | 3,340.16 for S&P, 1,512.38 for Russell; 80% of initial levels
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| Buffer levels: | 3,340.16 for S&P, 1,512.38 for Russell; 80% of initial levels
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| Pricing date: | April 26
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| Settlement date: | April 29
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| Agent: | RBC Capital Markets, LLC
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| Dealer: | Morgan Stanley Wealth Management
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| Fees: | 2.7%
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| Cusip: | 61773QM89
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