Published on 9/19/2023 in the Prospect News Structured Products Daily.
New Issue: RBC prices $912,000 contingent coupon barrier notes linked to Stoxx, Dow
By Kiku Steinfeld
Chicago, Sept. 19 – Royal Bank of Canada priced $912,000 of contingent coupon barrier notes due March 6, 2025 linked to the lesser performing of the Euro Stoxx 50 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a monthly coupon plus any previously unpaid coupon at an annual rate of 9.36% 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
|
| Issue: | Contingent coupon barrier notes
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| Underlying indexes: | Euro Stoxx 50 index, Dow Jones industrial average
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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 plus any previously unpaid coupons if each index closes at or above coupon barrier level on observation date for that period
|
| 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
|
| Initial index levels: | 4,294.80 for Stoxx, 33,390.97 for Dow
|
| Coupon barriers: | 3,221.10 for Stoxx, 25,043.23 for Dow; 75% of initial index levels
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| Trigger levels: | 3,221.10 for Stoxx, 25,043.23 for Dow; 75% of initial index 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
|
| Fees: | 0.4%
|
| Cusip: | 78016HUB4
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