Published on 9/21/2023 in the Prospect News Structured Products Daily.
New Issue: RBC sells $5.01 million autocallable contingent coupon barrier notes on three ETFs
By William Gullotti
Buffalo, N.Y., Sept. 21 – Royal Bank of Canada priced $5.01 million of autocallable contingent coupon barrier notes due Sept. 17, 2026 linked to the performance of the VanEck Gold Miners ETF, the SPDR S&P Biotech ETF and the SPDR S&P Regional Banking ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at the rate of 16.15% per year if the worst performing ETF closes at or above its trigger level, 60% of its initial level, on the relevant observation date.
The notes will be called at par plus coupon if the worst performing ETF closes at or above its initial level on any monthly observation date after three months.
If the notes are not called, the payout at maturity will be par plus the final coupon unless the worst performing ETF finishes below its trigger level, in which case investors will be fully exposed to the decline of the worst performing ETF 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 funds: | SPDR S&P Biotech ETF, SPDR S&P Regional Banking ETF, VanEck Gold Miners ETF
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Amount: | $5,005,000
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Maturity: | Sept. 17, 2026
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Coupon: | 16.15%, payable monthly if worst performing ETF closes at or above trigger level on the relevant observation date
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Price: | Par
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Payout at maturity: | If all ETFs finish at or above trigger level, par plus the final coupon; otherwise, lose 1% for each 1% decline of worst performing ETF from initial level
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Call: | At par plus coupon if each ETF closes at or above initial level on any monthly observation date after three months
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Initial levels: | $79.13 for Biotech, $28.79 for VanEck, $43.64 for Banking
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Trigger levels: | $47.48 for Biotech, $17.27 for VanEck, $26.18 for Banking; 60% of initial levels
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Strike date: | Sept. 12
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Pricing date: | Sept. 15
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Settlement date: | Sept. 20
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Agent: | RBC Capital Markets, LLC
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Fees: | 0.441%
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Cusip: | 78016NC47
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