Published on 10/18/2022 in the Prospect News Structured Products Daily.
New Issue: RBC prices $5.48 million 10% fixed coupon barrier notes tied to finance stock basket
By William Gullotti
Buffalo, N.Y., Oct. 18 – Royal Bank of Canada priced $5.48 million of 10% fixed coupon barrier notes due Oct. 19, 2023 tied to an equally weighted basket of stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The basket consists of the stocks of Bank of America Corp., Citigroup Inc., Goldman Sachs Group, Inc., and Morgan Stanley.
Interest is payable monthly.
The payout at maturity will be par unless the basket finishes below its 70% barrier level, in which case investors will lose 1% for every 1% decline from the basket’s initial level.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
|
| Issue: | Fixed coupon barrier notes
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| Underlying stocks: | Bank of America Corp., Citigroup Inc., Goldman Sachs Group, Inc., Morgan Stanley; equal weights
|
| Amount: | $5,477,000
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| Maturity: | Oct. 19, 2023
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| Coupon: | 10% per year, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par unless basket finishes below barrier level, in which case investors will lose 1% for every 1% decline from the basket’s initial level
|
| Initial levels: | $29.86 for BofA, $40.84 for Citi, $295.31 for Goldman Sachs, $76.60 for Morgan Stanley
|
| Barrier level: | 70% of initial level
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| Strike date: | Oct. 12
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| Pricing date: | Oct. 13
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| Settlement date: | Oct. 20
|
| Agent: | RBC Capital Markets, LLC
|
| Fees: | 1.15%
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| Cusip: | 78016FY81
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