Published on 1/27/2021 in the Prospect News Structured Products Daily.
New Issue: RBC sells $920,000 fixed-coupon barrier notes tied to Discover
Chicago, Jan. 27 – Royal Bank of Canada priced $920,000 9.35% fixed coupon barrier notes due Feb. 25, 2022 tied to the common stock of Discover Financial Services, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable at maturity.
At maturity investors will receive par plus the coupon unless the stock finishes below its 65% barrier price, in which case investors will be fully exposed to the decline in the stock price.
RBC Capital Markets, LLC is the underwriter.
Issuer: | Royal Bank of Canada
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Issue: | Fixed-coupon barrier notes
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Underlying stock: | Discover Financial Services
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Amount: | $920,000
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Maturity: | Feb. 25, 2022
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Coupon: | 9.35% per year, payable at maturity
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Price: | Par
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Payout at maturity: | Par plus coupon unless stock finishes below barrier level, in which case full exposure to loss of stock
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Initial price: | $94.24
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Barrier level: | $61.26, 65% of initial levels
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Pricing date: | Jan. 21
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Settlement date: | Jan. 26
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Agent: | RBC Capital Markets, LLC
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Fees: | None
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Cusip: | 78016E2T3
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