Published on 7/14/2022 in the Prospect News Structured Products Daily.
New Issue: RBC prices $531,584 put spread warrants linked to Euro Stoxx 50
By Wendy Van Sickle
Columbus, Ohio, July 14 – Royal Bank of Canada priced $531,584 of put spread warrants expiring Dec. 15, 2022 linked to the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The initial investment is $41.89 per warrant, or 3.885% of the $1,000 notional amount.
The warrants will be automatically exercised on the expiration date if the index’s final level is less than the strike level, 95% of the initial index level. The cash settlement amount will be the notional amount multiplied by the index change up to $200 per warrant. The index change is the quotient of (a) the strike level minus the final index level divided by (b) the initial index level.
If the final index level is greater than or equal to the strike level, the warrants will not be exercised and will expire worthless.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
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| Issue: | Put spread warrants
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| Underlying index: | Euro Stoxx 50
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| Notional amount: | $1,000 per warrant
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| Price: | $41.89 per warrant, or $531,584.10 total
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| Maturity date: | Dec. 15, 2022
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| Cash settlement date: | Dec. 22, 2022
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| Payout: | If final index level is less than strike level, $1,000 multiplied by index change capped at $200 per warrant; if final index level is greater than or equal to strike level, nothing
|
| Index change: | Quotient of (a) strike level minus final index level divided by (b) initial index level
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| Initial index level: | 3,488.5
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| Strike level: | 3,314.08, 95% of initial level
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| Pricing date: | July 8
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| Settlement date: | July 15
|
| Underwriter: | RBC Capital Markets, LLC
|
| Fees: | $1.99 per warrant
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| Cusip: | 78014N133
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