Published on 6/21/2023 in the Prospect News Structured Products Daily.
New Issue: RBC prices $1.84 million 10% issuer callable fixed-coupon barrier notes on PayPal
By Wendy Van Sickle
Columbus, Ohio, June 21 – Royal Bank of Canada priced $1.84 million of 10% issuer callable fixed-coupon barrier notes due June 20, 2025 linked to the common stock of PayPal Holdings, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes are callable at par on any quarterly coupon payment date beginning in December 2023.
The payout will be par unless the stock closes below its 50% barrier level, in which case investors will lose 1% for each 1% decline of the stock from its initial level, payable in 15.72 shares or cash at the issuer’s option.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
|
| Issue: | Issuer callable fixed-coupon barrier notes
|
| Underlying stock: | PayPal Holdings, Inc.
|
| Amount: | $1,836,000
|
| Maturity: | June 20, 2025
|
| Coupon: | 10% annual rate, payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par unless stock closes below its barrier level, in which case full exposure to losses, 15.72 shares or cash at issuer’s option
|
| Call option: | At par on any quarterly coupon payment date beginning in December 2023
|
| Initial level: | $63.60
|
| Barrier level: | $31.80, 50% of initial level
|
| Pricing date: | June 14
|
| Settlement date: | June 20
|
| Agent: | RBC Capital Markets, LLC
|
| Fees: | 1.75%
|
| Cusip: | 78015QEY3
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
