Published on 4/24/2024 in the Prospect News Structured Products Daily.
New Issue: RBC sells $2.2 million contingent coupon barrier autocalls on Nasdaq, Dow, S&P
By Wendy Van Sickle
Columbus, Ohio, April 24 – Royal Bank of Canada priced $2.2 million of autocallable contingent coupon barrier notes due April 21, 2027 linked to the least performing of the Dow Jones industrial average, the Nasdaq-100 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 9.85% if each index closes at or above the 70% barrier level on the observation date for that quarter.
The notes will be called at par if each index closes at or above its initial price on any quarterly observation date after one year.
The payout at maturity will be par unless any index finishes below the 70% barrier level, in which case investors will lose 1% for each 1% decline of the lesser-performing index.
RBC Capital Markets, LLC is the underwriter.
Issuer: | Royal Bank of Canada
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Issue: | Autocallable contingent coupon barrier notes
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Underliers: | Dow Jones industrial average, Nasdaq-100 and S&P 500
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Amount: | $2.2 million
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Maturity: | April 21, 2027
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Coupon: | 9.85%, payable quarterly if each index closes at or above barrier level on observation date for that quarter
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Price: | Par of $1,000
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Payout at maturity: | Par unless any index finishes below barrier level, in which case 1% loss for each 1% decline of lesser-performing index
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Call: | At par if each index closes at or above initial price on any quarterly observation date after one year
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Initial index levels: | 5,051.41 for S&P, 37,798.97 for Dow, 17,713.66 for Nasdaq
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Coupon barriers: | 3,535.99 for S&P, 26,459.28 for Dow, 12,399.56 for Nasdaq; 70% of initial index levels
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Trigger levels: | 3,535.99 for S&P, 26,459.28 for Dow, 12,399.56 for Nasdaq; 70% of initial index levels
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Pricing date: | April 18
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Settlement date: | April 23
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Agent: | RBC Capital Markets, LLC
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Fees: | 0.2%
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Cusip: | 78017FUP6
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