Published on 4/17/2024 in the Prospect News Structured Products Daily.
New Issue: RBC prices $2.17 million autocallable barrier enhanced return notes on basket of stocks
By Kiku Steinfeld
Chicago, April 17 – Royal Bank of Canada priced $2.17 million of 0% autocallable barrier enhanced return notes due July 17, 2026 linked to an equally weighted basket of stocks, according to a 424B2 filing with the Securities and Exchange Commission. The basket components are the common stocks of PNC Financial Services Group, Inc., U.S. Bancorp and Truist Financial Corp.
The notes will be called automatically at par plus a 20% call premium if the basket closes at or above its initial level on July 17, 2024.
If the notes are not called and the basket return is positive, the payout at maturity will be par plus 200% of the return.
Investors will receive par if the basket declines by 30% or less and will be fully exposed to loss if the basket declines by more than 30%.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
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| Issue: | Autocallable barrier enhanced return notes
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| Underlying components: | PNC Financial Services Group, Inc., U.S. Bancorp and Truist Financial Corp.; equally weighted
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| Amount: | $2,165,000
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| Maturity: | July 17, 2026
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If basket return is positive, par plus 200% of basket return; par if basket declines by 30% or less; otherwise, 1% loss for every 1% of basket decline from initial level
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| Call: | Automatically at par plus 20% call premium if the basket closes at or above initial level on July 17, 2024
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| Initial level: | $125.79 for PNC, $35.33 for Bancorp, $33.10 for Truist
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| Barrier level: | 70% 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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| Fees: | 2.25%
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| Cusip: | 78016NLE5
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