Published on 5/1/2024 in the Prospect News Structured Products Daily.
New Issue: RBC sells $34.79 million capped trigger gears on basket of 15 stocks
By Wendy Van Sickle
Columbus, Ohio, May 1 – Royal Bank of Canada priced $34.79 million of 0% capped trigger gears due April 30, 2027 linked to an equally weighted basket of 15 selected equities, according to a 424B2 filing with the Securities and Exchange Commission.
The basket includes the stocks of Amazon.com, Inc., Broadcom Inc., Salesforce, Inc., Datadog, Inc., Dell Technologies Inc., Alphabet Inc., Intel Corp., KLA Corp., Meta Platforms, Inc., Microsoft Corp., Micron Technology, Inc., ServiceNow, Inc., Nvidia Corp., Snowflake Inc. and Tesla, Inc.
If the basket return is positive, the payout at maturity will be par plus 1.5 times the basket gain, up to a maximum payout of par plus 58.59%.
If the basket finishes flat or declines by no more than 25%, the payout will be par.
If the basket finishes below the 75% downside threshold, investors will lose 1% for every 1% that the basket declines from its initial level.
UBS Financial Services Inc. and RBC Capital Markets, LLC are the agents.
| Issuer: | Royal Bank of Canada
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| Issue: | Capped trigger gears
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| Underlying stocks: | Amazon.com, Inc. (Symbol: AMZN), Broadcom Inc. (Symbol: AVGO), Salesforce, Inc. (Symbol: CRM), Datadog, Inc. (Symbol: DDOG), Dell Technologies Inc. (Symbol: DELL), Class C capital stock of Alphabet Inc. (Symbol: GOOG), Intel Corp. (Symbol: INTC), KLA Corp. (Symbol: KLAC), Meta Platforms, Inc. (Symbol: META), Microsoft Corp. (Symbol: MSFT), Micron Technology, Inc. (Symbol: MU), ServiceNow, Inc. (Symbol: NOW), Nvidia Corp. (Symbol: NVDA), Snowflake Inc. (Symbol: SNOW) and Tesla, Inc. (Symbol: TSLA); equally weighted
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| Amount: | $34,794,770
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| Maturity: | April 30, 2027
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | Par plus 1.5 times any basket gain, capped at par plus 58.59%; par if basket finishes flat or falls by up to 25%; otherwise, 1% loss for every 1% basket decline from its initial level
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| Initial basket level: | 100
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| Downside threshold: | 75% of initial basket level
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| Pricing date: | April 25
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| Settlement date: | April 30
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| Agents: | UBS Financial Services Inc. and RBC Capital Markets, LLC
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| Fees: | 2.5%
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| Cusip: | 78016R744
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