Published on 12/14/2023 in the Prospect News Structured Products Daily.
New Issue: RBC prices $13.25 million buffered absolute return notes linked to index basket
By William Gullotti
Buffalo, N.Y., Dec. 14 – Royal Bank of Canada priced $13.25 million of 0% buffered absolute return notes due June 16, 2025 linked to an equally weighted basket of indexes consisting of the S&P 500 index, the Euro Stoxx 50 index and the FTSE 100 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the basket finishes at or above its initial level, the payout will be par plus the return of the basket.
If the basket finishes flat or falls by up to 10%, the payout will be par plus the absolute value of the return.
Otherwise, investors will lose 1% for every 1% decline of the basket beyond the buffer.
RBC Capital Markets, LLC is the underwriter.
Issuer: | Royal Bank of Canada
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Issue: | Buffered absolute return notes
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Underlying basket: | S&P 500 index, Euro Stoxx 50 index, FTSE 100 index; equal weights
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Amount: | $13,245,000
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Maturity: | June 16, 2025
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If the basket finishes at or above its initial level, par plus the return of the basket; if the basket finishes flat or falls by up to buffer level, par plus the absolute value of the return of the basket; otherwise, 1% loss for every 1% decline of the basket beyond 10%
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Initial levels: | 4,622.44 for S&P, 4,540.19 for Stoxx, 7,544.89 for FTSE
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Buffer level: | 90% of initial level
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Pricing date: | Dec. 11
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Settlement date: | Dec. 14
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Underwriter: | RBC Capital Markets, LLC
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Fees: | 1.25%
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Cusip: | 78017F4W0
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