Published on 5/1/2021 in the Prospect News Structured Products Daily.
New Issue: RBC sells $241,000 contingent coupon barrier autocallables on PayPal, Square basket
Chicago, May 3 – Royal Bank of Canada priced $241,000 of autocallable contingent coupon barrier notes due March 20, 2024 linked to an equally weighted basket of the common stocks of PayPal Holdings, Inc., and Square, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8.5% if the basket closes at or above its 60% coupon barrier on the observation date for that quarter.
The notes will be automatically called at par plus the coupon if the basket closes above its initial share price on any quarterly call observation date after six months.
The payout at maturity will be par unless the basket finishes below its 60% trigger level, in which case investors will be fully exposed to the loss.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
|
| Issue: | Autocallable contingent coupon barrier notes
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| Underlying basket: | PayPal Holdings, Inc., and Square, Inc., equal weights
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| Amount: | $241,000
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| Maturity: | March 20, 2024
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| Coupon: | 8.5% annual rate, payable each quarter that basket closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par
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| Payout at maturity: | Par unless basket finishes below its trigger level, in which case full exposure to loss
|
| Call: | Automatically at par plus coupon if basket closes at or above initial share price on any quarterly call observation date after six months
|
| Initial prices: | $249.98 for PayPal, $251.23 for Square
|
| Coupon barrier: | 60% of initial level
|
| Trigger level: | 60% of initial level
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| Pricing date: | March 15
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| Settlement date: | March 18
|
| Agent: | RBC Capital Markets, LLC
|
| Fees: | 2.25%
|
| Cusip: | 78016EJY4
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