Published on 9/13/2023 in the Prospect News Structured Products Daily.
New Issue: RBC prices $500,000 autocallable contingent coupon barrier notes on two-stock basket
Chicago, Sept. 13 – Royal Bank of Canada priced $500,000 of autocallable contingent coupon barrier notes with memory coupon due Sept. 4, 2025 linked to an equally-weighted basket consisting of the stocks of Block, Inc. and PayPal Holdings, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 12.75% per year if the basket closes at or above its trigger price, 50% of its initial price, on the observation date for that quarter. Previously unpaid coupons will also be paid.
The notes will be called at par if the basket closes at or above its initial price on any quarterly observation date after six months.
If the notes are not called, the payout at maturity will be par unless the basket finishes below its 50% trigger price, in which case investors will be fully exposed to the decline.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
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| Issue: | Autocallable contingent coupon barrier notes with memory coupon
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| Underlying basket: | Block, Inc. and PayPal Holdings, Inc., equally weighted
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| Amount: | $500,000
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| Maturity: | Sept. 4, 2025
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| Coupon: | 12.75% annual rate, payable quarterly if basket closes at or above trigger price on observation date for that quarter; previously unpaid coupons will also be paid
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| Price: | Par
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| Payout at maturity: | Par unless basket finishes below trigger price, in which case full exposure to decline
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| Call: | At par if basket closes at or above initial price on any quarterly observation date after six months
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| Initial share prices: | $92.66 for PayPal, $67.75 for Block
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| Trigger price: | 50% of initial share price
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| Pricing date: | Aug. 29, 2022
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| Settlement date: | Aug. 31, 2022
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 2.25%
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| Cusip: | 78016FSG0
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