Published on 4/21/2023 in the Prospect News Structured Products Daily.
New Issue: RBC prices $520,000 buffered enhanced return notes linked to S&P 500 index
By Angela McDaniels
Tacoma, Wash., April 21 – Royal Bank of Canada priced $520,000 of 0% buffered enhanced return notes due Nov. 6, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the final index level is greater than the initial index level, the payout at maturity will be par plus 200% of the index return, subject to a cap of 19.4%. Investors will receive par if the index declines by 10% or less and will lose 1% for every 1% that it declines beyond 10%.
RBC Capital Markets, LLC is the agent.
Issuer: | Royal Bank of Canada
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Issue: | Buffered enhanced return notes
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Underlying index: | S&P 500 index
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Amount: | $520,000
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Maturity: | Nov. 6, 2023
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If final index level is greater than initial index level, par plus 200% of index return, subject to cap of 19.4%; par if index declines by 10% or less; 1% loss for every 1% that index declines beyond 10%
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Initial level: | 4,158.24
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Buffer level: | 3,742.42, or 90% of initial level
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Pricing date: | May 27, 2022
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Settlement date: | June 2, 2022
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Agent: | RBC Capital Markets, LLC
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Fees: | 0%
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Cusip: | 78016FL85
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