Published on 3/24/2020 in the Prospect News Structured Products Daily.
New Issue: RBC prices $2.8 million 5.75% fixed-coupon notes with barrier on S&P
By Wendy Van Sickle
Columbus, Ohio, March 24 – Royal Bank of Canada priced $2.8 million of 5.75% fixed-coupon notes with barrier due March 23, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless the index finishes below its 60% barrier level, in which case investors will lose 1% for every 1% decline of the index.
RBC Capital Markets, LLC is the agent.
Issuer: | Royal Bank of Canada
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Issue: | Fixed-coupon notes with barrier
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Underlying index: | S&P 500
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Amount: | $2,804,000
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Maturity: | March 23, 2023
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Coupon: | 5.75%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless index finishes below its barrier level, in which case investors will lose 1% for every 1% decline
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Initial level: | 2,304.92
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Barrier level: | 1,382.95; 60% of initial level
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Pricing date: | March 20
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Settlement date: | March 25
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Agents: | RBC Capital Markets, LLC
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Fees: | 2.25%
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Cusip: | 78015KQY3
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