Published on 3/13/2024 in the Prospect News Structured Products Daily.
New Issue: RBC prices $1.36 million contingent coupon buffered notes linked to two stocks
By William Gullotti
Buffalo, N.Y., March 13 – Royal Bank of Canada priced $1.36 million of contingent coupon buffered notes due March 10, 2026 linked to the stock performance of Caterpillar Inc. and Deere & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annual rate of 7.9% if each stock closes at or above its coupon barrier level, 50% of its initial level, on the observation date for that period.
The payout at maturity will be par plus the final coupon unless either stock finishes below the 75% trigger level, in which case investors will lose 1% for each 1% that the lesser-performing stock declines below 25%.
RBC Capital Markets, LLC is the agent.
Issuer: | Royal Bank of Canada
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Issue: | Contingent coupon buffered notes
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Underlying stocks: | Caterpillar Inc., Deere & Co.
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Amount: | $1,356,000
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Maturity: | March 10, 2026
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Coupon: | 7.9%, payable quarterly if each stock closes at or above coupon barrier level on observation date for that period
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Price: | Par
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Payout at maturity: | Par plus coupon unless either stock finishes below trigger level, in which case investors will lose 1% for each 1% that the lesser-performing stock finishes beyond 25%
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Initial levels: | $333.53 for Caterpillar, $366.73 for Deere
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Coupon barriers: | $166.77 for Caterpillar, $183.37 for Deere; 50% of initial levels
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Trigger levels: | $250.15 for Caterpillar, $275.05 for Deere; 75% of initial levels
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Strike date: | March 5
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Pricing date: | March 6
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Settlement date: | March 11
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Agent: | RBC Capital Markets, LLC
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Fees: | 0.4%
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Cusip: | 78017FM91
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