Published on 9/15/2023 in the Prospect News Structured Products Daily.
New Issue: RBC prices $912,000 contingent interest barrier notes with memory on Dow, Stoxx
By Kiku Steinfeld
Chicago, Sept. 15 – Royal Bank of Canada priced $912,000 of contingent interest barrier notes with memory interest due March 6, 2025 linked to the Dow Jones industrial average and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly interest payment at the rate of 9.36% per year if the least-performing index closes at or above the coupon barrier level, 75% of the initial level, on the observation date for that period. Previously unpaid interest, if any, will be automatically included whenever an interest payment is paid.
The payout at maturity will be par plus the final coupon unless the least-performing index finishes below the barrier level, 75% of the initial level, in which case investors will lose 1% for every 1% decline of the least-performing index from its initial level.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
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| Issue: | Contingent interest barrier notes with memory interest
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| Underlying index: | Dow Jones industrial average and Euro Stoxx 50 index
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| Amount: | $912,000
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| Maturity: | March 6, 2025
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| Coupon: | 9.36% annual rate, payable monthly if the least-performing index closes at or above barrier level on the relevant observation date; coupon payment events will automatically include any previously unpaid coupons
|
| Price: | Par
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| Payout at maturity: | Par plus the final coupon unless underlying least-performing index finishes below barrier level, in which case investors will lose 1% for every 1% decline from initial level
|
| Initial levels: | 33,390.97 for Dow, 4,294.80 for Stoxx
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| Coupon barrier levels: | 25,043.23 for Dow, 3,221.10 for Stoxx; 75% of initial levels
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| Barrier levels: | 25,043.23 for Dow, 3,221.10 for Stoxx ; 75% of initial levels
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| Pricing date: | March 3, 2023
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| Settlement date: | March 8, 2023
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 0.4%
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| Cusip: | 78016HUB4
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