Published on 4/16/2024 in the Prospect News Structured Products Daily.
New Issue: RBC prices $2.02 million buffered phoenix autocallable notes with memory on Boeing
By Kiku Steinfeld
Chicago, April 16 – Royal Bank of Canada priced $2.02 million of buffered phoenix autocallable notes with memory coupon due July 31, 2024 linked to Boeing Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
If the stock closes at or above the buffer level, 80% of the initial level, on a quarterly observation date, the notes will pay a contingent coupon at an annualized rate of 12.04%, plus any previously unpaid contingent interest payments.
The notes will be called at par plus coupon if the shares close at or above the initial level on any observation date other than the final date.
The payout at maturity will be par plus the final coupon unless the stock finishes below the 80% buffer level, in which case investors will lose 1.25% for every 1% decline beyond 20%.
RBC Capital Markets, LLC is the agent. JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are acting as placement agents.
| Issuer: | Royal Bank of Canada
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| Issue: | Buffered phoenix autocallable notes with memory coupon
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| Underlying stock: | Boeing Co.
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| Amount: | $2,019,000
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| Maturity: | July 31, 2024
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| Coupon: | 12.04% annualized, paid quarterly, plus any previously unpaid coupons if stock closes at or above buffer level on quarterly observation date
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| Price: | Par
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| Payout at maturity: | Par plus all unpaid coupons if stock finishes at or above buffer level; otherwise, lose 1.25% for every 1% decline beyond 20%
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| Call: | At par plus coupon if stock closes at or above initial level on a quarterly observation date
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| Initial level: | $213.12
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| Buffer level: | $170.50; 80% of initial level
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| Pricing date: | July 14, 2023
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| Settlement date: | July 19, 2023
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| Agent: | RBC Capital Markets, LLC,
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| Placement agents: | JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
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| Fees: | 1%
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| Cusip: | 78016NNH6
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