Published on 8/18/2023 in the Prospect News Structured Products Daily.
New Issue: RBC sells $150,000 notes on basket of 15 Raymond James-picked closed-end funds
Chicago, Aug. 18 – Royal Bank of Canada priced $150,000 of notes due July 25, 2024 linked to an equally weighted basket of 15 closed-end funds, according to a 424B2 filing with the Securities and Exchange Commission.
The basket components, selected by Raymond James & Associates, Inc., are BlackRock Innovation and Growth Trust, BlackRock Enhanced Global Dividend Trust, BlackRock Science and Technology Trust II, BlackRock Enhanced Capital and Income Fund, Inc., Calamos Strategic Total Return Fund, BlackRock Debt Strategies Fund, Inc., Eaton Vance Enhanced Equity Income Fund, Gabelli Dividend & Income Trust, Western Asset High Income Opportunity Fund Inc., PGIM High Yield Bond Fund, Inc., Nuveen Core Equity Alpha Fund, Nuveen Credit Strategies Income Fund, Nuveen Real Asset Income and Growth Fund, Nuveen Floating Rate Income Opportunity Fund and Tri-Continental Corp.
The notes may pay quarterly interest. The amount of any interest to be paid on the notes will not be fixed and will depend on the total dividends on the basket components during the preceding interest calculation period.
The payout at maturity will be the product of (a) $1,000 times (b) the basket level percentage times (c) 98.6%. Investors will lose all or a portion of their investment if the basket does not finish at or above 101.42% of the initial level.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
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| Issue: | Notes
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| Underlying basket: | BlackRock Innovation and Growth Trust, BlackRock Enhanced Global Dividend Trust, BlackRock Science and Technology Trust II, BlackRock Enhanced Capital and Income Fund, Inc., Calamos Strategic Total Return Fund, BlackRock Debt Strategies Fund, Inc., Eaton Vance Enhanced Equity Income Fund, Gabelli Dividend & Income Trust, Western Asset High Income Opportunity Fund Inc., PGIM High Yield Bond Fund, Inc., Nuveen Core Equity Alpha Fund, Nuveen Credit Strategies Income Fund, Nuveen Real Asset Income and Growth Fund, Nuveen Floating Rate Income Opportunity Fund and Tri-Continental Corp.; equally weighted
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| Amount: | $150,000
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| Maturity: | July 25, 2024
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| Coupon: | Payable quarterly; based on total dividends on the basket components during preceding interest calculation period
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| Price: | Par
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| Payout at maturity: | Product of (a) $1,000 times (b) basket level percentage times (c) 98.6%
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| Initial share price: | Average of volume weighted average prices on each of three trading days ended July 22, 2022
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| Final share price: | Average of volume weighted average prices on each of three trading days ending July 22, 2024
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| Pricing date: | July 22, 2022
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| Settlement date: | July 27, 2022
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 0%
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| Licensing fee: | Up to 0.7% to Raymond James
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| Cusip: | 78015QBK6
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