Published on 8/11/2021 in the Prospect News Structured Products Daily.
New Issue: RBC sells $1.55 million autocallable contingent coupon barrier notes on indexes
By William Gullotti
Buffalo, N.Y., Aug. 11 – Royal Bank of Canada priced $1.55 million of autocallable contingent coupon barrier notes due Nov. 20, 2026 linked to the lesser performing of the Euro Stoxx 50 index, the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 5.5% per year if the lesser-performing index closes at or above its trigger level, 65% of its initial level, on the observation date for that quarter.
The notes will be called at par if the lesser-performing index closes at or above its initial level on any quarterly observation date after one year.
If the notes are not called, the payout at maturity will be par unless the lesser-performing index finishes below its trigger level, in which case investors will be fully exposed to the decline of the lesser-performing index.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
|
| Issue: | Autocallable contingent coupon barrier notes
|
| Underlying indexes: | Russell 2000, S&P 500, Euro Stoxx 50
|
| Amount: | $1,552,000
|
| Maturity: | Nov. 20, 2026
|
| Coupon: | 5.5% annual rate, payable quarterly if least-performing index closes at or above trigger level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless lesser-performing index finishes below trigger level, in which case full exposure to decline
|
| Call: | At par if lesser-performing index closes at or above initial level on any quarterly observation date after one year
|
| Initial levels: | 2,227.119 for Russell, 4,163.29 for S&P, 4,006.84 for Stoxx
|
| Trigger levels: | 1,447.627 for Russell, 2,706.14 for S&P, 2,604.45 for Stoxx; 65% of initial levels
|
| Pricing date: | May 17
|
| Settlement date: | May 20
|
| Agent: | RBC Capital Markets, LLC
|
| Fees: | 2.25%
|
| Cusip: | 78016EN86
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
