Published on 10/16/2023 in the Prospect News Structured Products Daily.
New Issue: RBC prices $2.55 million digital notes with barrier linked to SPDR fund
By William Gullotti
Buffalo, N.Y., Oct. 16 – Royal Bank of Canada priced $2.55 million of 0% digital notes with barrier due Oct. 17, 2024 tied to the Industrial Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
If the ETF finishes at or above initial level, the payout at maturity will be par plus 11.9%.
If the ETF declines but finishes at or above its 85% barrier, the payout will be par. Otherwise, investors will be fully exposed to the decline of the ETF from its initial level.
RBC Capital Markets, LLC is the agent.
Issuer: | Royal Bank of Canada
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Issue: | Digital notes with barrier
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Underlying fund: | Industrial Select Sector SPDR Fund
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Amount: | $2,545,000
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Maturity: | Oct. 17, 2024
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If the ETF finishes at or above initial level, par plus 11.9%; if ETF falls by no more than 15%, par; otherwise, full exposure to decline
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Initial level: | $100.78
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Barrier level: | $85.66; 85% of initial level
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Pricing date: | Oct. 6
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Settlement date: | Oct. 12
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Agent: | RBC Capital Markets, LLC
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Fees: | 2%
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Cusip: | 78016NS57
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