Published on 7/20/2022 in the Prospect News Structured Products Daily.
New Issue: RBC sells $1.44 million 12.7% fixed-coupon barrier notes tied to Tesla
By Wendy Van Sickle
Columbus, Ohio, July 20 – Royal Bank of Canada priced $1.44 million of 12.7% fixed-coupon barrier notes due July 20, 2023 tied to the shares of Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
At maturity investors will receive par unless the stock finishes below its 50% barrier price, in which case investors will be fully exposed to the decline in the stock price.
RBC Capital Markets, LLC is the agent.
Issuer: | Royal Bank of Canada
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Issue: | Fixed-coupon barrier notes
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Underlying stock: | Tesla, Inc.
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Amount: | $1.44 million
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Maturity: | July 20, 2023
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Coupon: | 12.7% per year, payable monthly
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Price: | Par
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Payout at maturity: | Par unless stock finishes below barrier level, in which case full exposure to loss of stock
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Initial price: | $720.20
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Barrier level: | $360.10, 50% of initial level
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Pricing date: | July 15
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Settlement date: | July 20
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Agent: | RBC Capital Markets, LLC
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Fees: | 2.25%
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Cusip: | 78016FNQ3
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