Published on 10/10/2023 in the Prospect News Structured Products Daily.
New Issue: RBC prices $1.34 million autocallable contingent coupon barrier notes on indexes, ETF
By William Gullotti
Buffalo, N.Y., Oct. 10 – Royal Bank of Canada priced $1.34 million of autocallable contingent coupon barrier notes due April 3, 2025 linked to the performance of the Nasdaq-100 index, the S&P 500 index and the Energy Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at the rate of 11.25% per year if the worst performing underlier closes at or above its coupon barrier level, 60% of its initial level, on the relevant observation date.
The notes will be called at par plus coupon if the worst performing underlier closes at or above its initial level on any quarterly observation date after six months.
If the notes are not called and each underlier finishes at or above its 60% trigger level, the payout at maturity will be par plus the final coupon.
Otherwise, investors will be fully exposed to the decline of the worst performing underlier from its initial level.
RBC Capital Markets, LLC is the agent.
Issuer: | Royal Bank of Canada
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Issue: | Autocallable contingent coupon barrier notes
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Underlying assets: | S&P 500 index, Energy Select Sector SPDR Fund, Nasdaq-100 index
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Amount: | $1,337,000
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Maturity: | April 3, 2025
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Coupon: | 11.25%, payable monthly if worst performing underlier closes at or above coupon barrier level on the relevant observation date
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Price: | Par
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Payout at maturity: | If all underliers finish at or above trigger level, par plus final coupon; otherwise, investors will be fully exposed to the decline of the worst performer from its initial level
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Call: | At par plus coupon if each underlier closes at or above initial level on any quarterly observation date after six months
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Initial levels: | $90.39 for ETF, 4,288.05 for S&P, 14,715.24 for Nasdaq
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Coupon barrier levels: | $63.27 for ETF, 3,001.64 for S&P, 10,300.67 for Nasdaq; 60% of initial levels
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Trigger levels: | $63.27 for ETF, 3,001.64 for S&P, 10,300.67 for Nasdaq; 60% of initial levels
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Pricing date: | Sept. 29
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Settlement date: | Oct. 4
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Agent: | RBC Capital Markets, LLC
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Fees: | 0.316%
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Cusip: | 78016NZN0
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