Published on 7/28/2023 in the Prospect News Structured Products Daily.
New Issue: RBC prices $300,000 contingent coupon barrier notes linked to S&P, Dow
Chicago, July 28 – Royal Bank of Canada priced $300,000 of contingent coupon barrier notes due July 26, 2027 linked to the lesser performing of the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a semiannual coupon at an annual rate of 7.35% if each index closes at or above its coupon barrier level, 75% of its initial level, on the observation date for that period.
The payout at maturity will be par plus the final coupon unless either index finishes below the 75% trigger level, in which case investors will lose 1% for each 1% that the lesser-performing index declines from initial level.
RBC Capital Markets, LLC is the agent.
Issuer: | Royal Bank of Canada
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Issue: | Contingent coupon barrier notes
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Underlying indexes: | S&P 500 index, Dow Jones industrial average
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Amount: | $300,000
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Maturity: | July 26, 2027
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Coupon: | 7.35%, payable semiannually if each index 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 index finishes below trigger level, in which case investors will lose 1% for each 1% that the lesser-performing index declines from initial level
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Initial index levels: | 4,536.34 for S&P, 35,227.69 for Dow
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Coupon barriers: | 3,402.26 for S&P, 26,420.77 for Dow; 75% of initial index levels
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Trigger levels: | 3,402.26 for S&P, 26,420.77 for Dow; 75% of initial index levels
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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: | 2.75%
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Cusip: | 78016NKN6
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