Published on 3/13/2020 in the Prospect News Structured Products Daily.
New Issue: RBC prices $5.01 million autocallable barrier notes linked to S&P, Stoxx
By Sarah Lizee
Olympia, Wash., March 13 – Royal Bank of Canada priced $5.01 million of 0% autocallable barrier notes due March 10, 2025 linked to the lesser performing of the S&P 500 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus 10% per year if each index closes at or above its initial level on any quarterly observation date.
The payout will be par unless any index has finished below its 70% barrier level, in which case investors will lose 1% for each 1% decline of the lesser performing index from its initial level.
RBC Capital Markets, LLC is the agent.
Issuer: | Royal Bank of Canada
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Issue: | Autocallable barrier notes
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Underlying indexes: | S&P 500 index and Euro Stoxx 50 index
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Amount: | $5,005,000
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Maturity: | March 10, 2025
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | Par unless either index finishes below barrier level, in which case 1% loss for every 1% decline of lesser-performing index from initial level
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Call: | Automatically at par plus call premium of 10% per year if each index closes at or above initial level on any annual observation date
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Initial levels: | 3,023.94 for S&P, 3,363.58 for Stoxx
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Barrier levels: | 2,116.76 for S&P, 2,354.51 for Stoxx, or 70% of initial levels
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Pricing date: | March 5
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Settlement date: | March 10
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Agent: | RBC Capital Markets, LLC
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Fees: | 2.75%
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Cusip: | 78015KKL7
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