Published on 2/28/2023 in the Prospect News Structured Products Daily.
New Issue: RBC prices $1.53 million autocallable barrier enhanced return notes linked to S&P 500
By Wendy Van Sickle
Columbus, Ohio, Feb. 28 – Royal Bank of Canada priced $1.53 million of 0% autocallable barrier enhanced return notes due Feb. 26, 2026 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 9% call premium if the index closes at or above its initial level on Feb. 26, 2024.
If the notes are not called and the index return is positive, the payout at maturity will be par plus 180% of the return.
Investors will receive par if the index declines by 30% or less and will be fully exposed to loss if the index declines by more than 30%.
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: | $1,532,000
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Maturity: | Feb. 26, 2026
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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 180% of index return; par if index declines by 30% or less; otherwise, 1% loss for every 1% of index decline from initial level
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Call: | Automatically at par plus 9% call premium if the index closes at or above initial level on Feb. 26, 2024
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Initial level: | 4,012.32
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Barrier level: | 2,808.62; 70% of initial level
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Pricing date: | Feb. 23
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Settlement date: | Feb. 28
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Agent: | RBC Capital Markets, LLC
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Fees: | 2.25%
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Cusip: | 78016HS50
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