Published on 7/26/2023 in the Prospect News Structured Products Daily.
New Issue: RBC prices $639,000 digital notes linked to S&P 500
By William Gullotti
Buffalo, N.Y., July 26 – Royal Bank of Canada priced $639,000 of 0% digital notes due Jan. 25, 2029 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index finishes at or above its initial level, the payout at maturity will be par plus 39.5%.
Otherwise, investors will receive par.
RBC Capital Markets, LLC is the agent.
Issuer: | Royal Bank of Canada
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Issue: | Digital notes
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Underlying index: | S&P 500 index
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Amount: | $639,000
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Maturity: | Jan. 25, 2029
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If index finishes at or above initial level, par plus 39.5%; otherwise, par
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Initial index level: | 4,536.34
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Pricing date: | July 21
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Settlement date: | July 26
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Agent: | RBC Capital Markets, LLC
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Fees: | 3%
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Cusip: | 78016NKU0
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