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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Royal Bank of Canada | NYSE:RY | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.79 | -0.76% | 103.60 | 104.06 | 102.44 | 103.69 | 597,137 | 01:00:00 |
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-275898
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Pricing Supplement
Dated May 17, 2024
To the Product Prospectus Supplement CCBN-1, the Prospectus Supplement and the Prospectus, Each Dated December
20, 2023
|
$808,000
Auto-Callable Contingent Coupon Barrier Notes
Linked to the Common Stock of Apple Inc., Due
November 20, 2025
Royal Bank of Canada
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Issuer:
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Royal Bank of Canada
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Stock Exchange Listing:
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None
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Trade Date:
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May 17, 2024
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Principal Amount:
|
$1,000 per Note
|
Issue Date:
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May 22, 2024
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Maturity Date:
|
November 20, 2025
|
Coupon Observation
Dates:
|
Monthly, as set forth below
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Coupon Payment Dates:
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Monthly, as set forth below
|
Valuation Date:
|
November 17, 2025
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Contingent Coupon Rate:
|
8.20% per annum
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Initial Stock Price:
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$189.87, which was the closing price of the Reference Stock on the Trade Date.
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Final Stock Price:
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The closing price of the Reference Stock on the Valuation Date
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Trigger Price and
Coupon Barrier:
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$132.91, which is 70% of the Initial Stock Price (rounded to two decimal places).
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Contingent Coupon:
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If the closing price of the Reference Stock is greater than or equal to the Coupon Barrier on the applicable Observation Date, we will pay the Contingent Coupon
applicable to that Observation Date. You may not receive any Contingent Coupons during the term of the Notes.
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Payment at Maturity
(if held to maturity):
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If the Notes are not previously called, we will pay you at maturity an amount based on the Final Stock Price:
For each $1,000 in principal amount, $1,000 plus the Contingent Coupon payable at maturity, unless the Final Stock Price is less than the Trigger Price.
If the Final Stock Price is less than the Trigger Price, then the investor will receive at maturity, for each $1,000 in principal amount, a cash payment equal to: $1,000
+ ($1,000 x Percentage Change)
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Investors in the Notes will lose some or all of their principal amount if the Final Stock Price is less than the Trigger Price.
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Call Feature:
|
If the closing price of the Reference Stock is greater than or equal to the Initial Stock Price on November 18, 2024, and on any quarterly Call Observation Date
thereafter, the Notes will be automatically called for 100% of their principal amount, plus the Contingent Coupon applicable to the corresponding Call Observation Date.
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Call Observation
Dates:
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Quarterly, as set forth below.
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Call Settlement
Dates:
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The Coupon Payment Date corresponding to that Call Observation Date.
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CUSIP:
|
78017FZ71
|
Per Note
|
Total
|
||
Price to public
|
100.00%
|
$808,000
|
|
Underwriting discounts and commissions(1)
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0.00%
|
$0
|
|
Proceeds to Royal Bank of Canada
|
100.00%
|
$808,000
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to Apple Inc.
Royal Bank of Canada
|
General:
|
This pricing supplement relates to an offering of Auto-Callable Contingent Coupon Barrier Notes (the “Notes”) linked to the common stock of Apple Inc.
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Issuer:
|
Royal Bank of Canada (the “Bank”)
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Trade Date:
|
May 17, 2024
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Issue Date:
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May 22, 2024
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Valuation Date:
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November 17, 2025
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Maturity Date:
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November 20, 2025
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Denominations:
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Minimum denomination of $1,000, and integral multiples of $1,000 thereafter.
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Contingent Coupon:
|
We will pay you a Contingent Coupon during the term of the Notes, periodically in arrears on each Coupon Payment Date, under the conditions described below:
• If the closing price of the Reference Stock is greater than or equal to the Coupon Barrier on the applicable Coupon Observation Date, we will pay the Contingent Coupon applicable to that Coupon Observation Date.
• If the closing price of the Reference Stock is less than the Coupon Barrier on the applicable Coupon Observation Date, we will not pay you the Contingent Coupon applicable to that Coupon Observation Date.
You may not receive a Contingent Coupon for one or more monthly periods during the term of the Notes.
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Contingent Coupon
Rate:
|
8.20% per annum (approximately 0.6833% per month).
|
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Coupon Observation
Dates and Call
Observation Dates:
|
The Coupon Observation Dates and Coupon Payment Dates will occur monthly, and the Call Observation Dates and Call Settlement Dates will occur quarterly, as follows:
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Observation Dates
|
Coupon Payment Dates
|
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June 17, 2024
|
June 21, 2024
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July 17, 2024
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July 22, 2024
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August 19, 2024
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August 22, 2024
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September 17, 2024
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September 20, 2024
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October 17, 2024
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October 22, 2024
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November 18, 2024(1)
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November 21, 2024(2)
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December 17, 2024
|
December 20, 2024
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January 17, 2025
|
January 23, 2025
|
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February 18, 2025(1)
|
February 21, 2025(2)
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March 17, 2025
|
March 20, 2025
|
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April 17, 2025
|
April 23, 2025
|
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May 19, 2025(1)
|
May 22, 2025(2)
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June 17, 2025
|
June 23, 2025
|
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July 17, 2025
|
July 22, 2025
|
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August 18, 2025(1)
|
August 21, 2025(2)
|
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September 17, 2025
|
September 22, 2025
|
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October 17, 2025
|
October 22, 2025
|
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November 17, 2025 (Valuation Date)
|
November 20, 2025 (Maturity Date)
|
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(1) This date is also a Call Observation Date.
(2) This date is also a Call Settlement Date.
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|
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Auto-Callable Contingent Coupon Barrier Notes
Linked to Apple Inc.
Royal Bank of Canada
|
Record Dates:
|
The record date for each Coupon Payment Date will be one business day prior to that scheduled Coupon Payment Date; provided, however, that any Contingent Coupon payable at maturity or
upon a call will be payable to the person to whom the Payment at Maturity or upon a call, as the case may be, will be payable.
|
Call Feature:
|
If, on any quarterly Call Observation Date, beginning on November 18, 2024, the closing price of the Reference Stock is greater than or equal to the Initial Stock Price, then the Notes
will be automatically called.
|
Call Settlement Dates:
|
If the Notes are called on any Call Observation Date, the Call Settlement Date will be the Coupon Payment Date corresponding to that Call Observation Date. The Call Settlement Dates are
set forth in the table above.
|
Payment if Called:
|
If the Notes are automatically called, then, on the applicable Call Settlement Date, for each $1,000 in principal amount, you will receive $1,000 plus the Contingent Coupon otherwise due
on that Call Settlement Date.
|
Initial Stock Price:
|
The closing price of the Reference Stock on the Trade Date, as set forth on the cover page of this pricing supplement.
|
Final Stock Price:
|
The closing price of the Reference Stock on the Valuation Date.
|
Trigger Price and
Coupon Barrier:
|
70% of the Initial Stock Price, as set forth on the cover page of this pricing supplement.
|
Payment at Maturity (if
not previously called
and
held to maturity):
|
If the Notes are not previously called, we will pay you at maturity an amount based on the Final Stock Price:
• If the Final Stock Price is greater than or equal to the Trigger Price, we will pay you a cash payment equal to the principal amount plus the Contingent Coupon otherwise due on the Maturity Date.
• If the Final Stock Price is below the Trigger Price, you will receive at maturity, for each $1,000 in principal amount, a cash payment equal to: $1,000 + ($1,000 x Percentage Change).
The amount of cash that you receive in this case will be less than your principal amount, if anything, resulting in a loss that is proportionate
to the decline of the Reference Stock from the Trade Date to the Valuation Date.
Investors in the Notes will lose some or all of their principal amount if the Final Stock Price is less than the Trigger Price.
|
Percentage Change:
|
Final Stock Price - Initial Stock Price
Initial Stock Price
|
Stock Settlement:
|
Not applicable. Payments on the Notes will be made solely in cash.
|
Calculation Agent:
|
RBC Capital Markets, LLC (“RBCCM”)
|
U.S. Tax Treatment:
|
By purchasing a Note, each holder agrees (in the absence of a change in law, an administrative determination or a judicial ruling to the contrary) to treat the Notes as a callable
pre-paid cash-settled contingent income-bearing derivative contract linked to the Reference Stock for U.S. federal income tax purposes. However, the U.S. federal income tax consequences of your investment in the Notes are uncertain
and the Internal Revenue Service could assert that the Notes should be taxed in a manner that is different from that described in the preceding sentence. Please see the section below, “Supplemental Discussion of U.S. Federal Income
Tax Consequences,” and the discussion (including the opinion of Ashurst LLP, our special U.S. tax counsel) in the product prospectus supplement dated December 20, 2023 under “Supplemental Discussion of U.S. Federal Income Tax
Consequences,” which apply to the Notes.
|
Secondary Market:
|
RBCCM (or one of its affiliates), though not obligated to do so, may maintain a secondary market in the Notes after the issue date. The amount that you may receive upon sale of your Notes prior to maturity
may be less than the principal amount.
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to Apple Inc.
Royal Bank of Canada
|
Listing:
|
The Notes will not be listed on any securities exchange.
|
Settlement:
|
DTC global (including through its indirect participants Euroclear and Clearstream, Luxembourg as described under “Ownership and Book Entry Issuance” in the prospectus dated December 20,
2023).
|
Terms Incorporated in
the Master Note:
|
All of the terms appearing on the cover page and above the item captioned “Secondary Market” in this section and the terms appearing under the caption “General Terms of the Notes” in the
product prospectus supplement, as modified by this pricing supplement.
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|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to Apple Inc.
Royal Bank of Canada
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to Apple Inc.
Royal Bank of Canada
|
Hypothetical Initial Stock Price:
|
$100.00*
|
|
Hypothetical Trigger Price and Hypothetical Coupon Barrier:
|
$70.00, which is 70% of the hypothetical Initial Stock Price
|
|
Contingent Coupon Rate:
|
8.20% per annum (or approximately 0.6833% per month)
|
|
Contingent Coupon Amount:
|
Approximately $6.833 per month
|
|
Coupon Observation Dates:
|
Monthly
|
|
Principal Amount:
|
$1,000 per Note
|
Hypothetical Final Stock Price
|
Percentage Change of the
Reference Stock
|
Payment at Maturity (assuming
that the Notes were not
previously called)*
|
$180.00
|
80.00%
|
$1,006.833*
|
$170.00
|
70.00%
|
$1,006.833*
|
$160.00
|
60.00%
|
$1,006.833*
|
$150.00
|
50.00%
|
$1,006.833*
|
$140.00
|
40.00%
|
$1,006.833*
|
$130.00
|
30.00%
|
$1,006.833*
|
$120.00
|
20.00%
|
$1,006.833*
|
$110.00
|
10.00%
|
$1,006.833*
|
$100.00
|
0.00%
|
$1,006.833*
|
$90.00
|
-10.00%
|
$1,006.833*
|
$80.00
|
-20.00%
|
$1,006.833*
|
$70.00
|
-30.00%
|
$1,006.833*
|
$69.99
|
-30.01%
|
$699.90
|
$60.00
|
-40.00%
|
$600.00
|
$50.00
|
-50.00%
|
$500.00
|
$40.00
|
-60.00%
|
$400.00
|
$30.00
|
-70.00%
|
$300.00
|
$20.00
|
-80.00%
|
$200.00
|
$10.00
|
-90.00%
|
$100.00
|
$0.00
|
-100.00%
|
$0.00
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to Apple Inc.
Royal Bank of Canada
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to Apple Inc.
Royal Bank of Canada
|
• |
You May Lose All or a Portion of the Principal Amount at Maturity — Investors in the Notes could lose all or a
substantial portion of their principal amount if there is a decline in the trading price of the Reference Stock between the Trade Date and the Valuation Date. If the Notes are not automatically called and the Final Stock Price is
less than the Trigger Price, the amount that you receive at maturity will represent a loss of your principal that is proportionate to the decline in the closing price of the Reference Stock from the Trade Date to the Valuation Date.
Any Contingent Coupons received on the Notes prior to the Maturity Date may not be sufficient to compensate for any such loss.
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• |
The Notes Are Subject to an Automatic Call — If on any Call Observation Date, beginning in November 2024, the closing
price of the Reference Stock is greater than or equal to the Initial Stock Price, then the Notes will be automatically called. If the Notes are automatically called, then, on the applicable Call Settlement Date, for each $1,000 in
principal amount, you will receive $1,000 plus the Contingent Coupon otherwise due on the applicable Call Settlement Date. You will not receive any Contingent Coupons after the Call Settlement Date. You may be unable to reinvest
your proceeds from the automatic call in an investment with a return that is as high as the return on the Notes would have been if they had not been called.
|
• |
You May Not Receive Any Contingent Coupons — We will not necessarily make any coupon payments on the Notes. If the
closing price of the Reference Stock on a Coupon Observation Date is less than the Coupon Barrier, we will not pay you the Contingent Coupon applicable to that Coupon Observation Date. If the closing price of the Reference Stock is
less than the Coupon Barrier on each of the Coupon Observation Dates and on the Valuation Date, we will not pay you any Contingent Coupons during the term of, and you will not receive a positive return on, your Notes. Generally,
this non-payment of the Contingent Coupon coincides with a period of greater risk of principal loss on your Notes. Accordingly, if we do not pay the Contingent Coupon on the Maturity Date, you will also incur a loss of principal,
because the Final Stock Price will be less than the Trigger Price.
|
• |
The Call Feature and the Contingent Coupon Feature Limit Your Potential Return — The return potential of the Notes
is limited to the pre-specified Contingent Coupon Rate, regardless of the appreciation of the Reference Stock. In addition, the total return on the Notes will vary based on the number of Coupon Observation Dates on which the
Contingent Coupon becomes payable prior to maturity or an automatic call. Further, if the Notes are called due to the Call Feature, you will not receive any Contingent Coupon or any other payment in respect of any Coupon Observation
Dates after the applicable Call Settlement Date. Since the Notes could be called as early as November 2024, the total return on the Notes could be limited. If the Notes are not called, you may be subject to the full downside
performance of the Reference Stock even though your potential return is limited to the Contingent Coupon Rate. As a result, the return on an investment in the Notes could be less than the return on a direct investment in the
Reference Stock.
|
• |
Your Return on the Notes May Be Lower than the Return on a Conventional Debt Security of Comparable Maturity — The
return that you will receive on the Notes, which could be negative, may be less than the return you could earn on other investments. Even if your return is positive, your return may be less than the return you would earn if you
purchased one of our conventional senior interest bearing debt securities.
|
• |
Payments on the Notes Are Subject to Our Credit Risk, and Changes in Our Credit Ratings Are Expected to Affect the Market Value of the Notes — The Notes are our
senior unsecured debt securities. As a result, your receipt of any Contingent Coupons, if payable, and the amount due on any relevant payment date is dependent upon our ability to repay our obligations on the applicable payment dates.
This will be the case even if the price of the Reference Stock
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to Apple Inc.
Royal Bank of Canada
|
• |
There May Not Be an Active Trading Market for the Notes—Sales in the Secondary Market May Result in Significant Losses — There may be little or no secondary market for the Notes. The Notes will not be listed on any securities exchange. RBCCM and our other affiliates may make a market for the Notes; however, they are not required to do so. RBCCM
or any of our other affiliates may stop any market-making activities at any time. Even if a secondary market for the Notes develops, it may not provide significant liquidity or trade at prices advantageous to you. We expect that
transaction costs in any secondary market would be high. As a result, the difference between bid and asked prices for your Notes in any secondary market could be substantial.
|
• |
The Initial Estimated Value of the Notes Is Less than the Price to the Public — The initial estimated value of the
Notes that is set forth on the cover page of this pricing supplement does not represent a minimum price at which we, RBCCM or any of our affiliates would be willing to purchase the Notes in any secondary market (if any exists) at
any time. If you attempt to sell the Notes prior to maturity, their market value may be lower than the price you paid for them and the initial estimated value. This is due to, among other things, changes in the price of the
Reference Stock, the borrowing rate we pay to issue securities of this kind, and the inclusion in the price to the public of the referral fee and the estimated costs relating to our hedging of the Notes. These factors, together with
various credit, market and economic factors over the term of the Notes, are expected to reduce the price at which you may be able to sell the Notes in any secondary market and will affect the value of the Notes in complex and
unpredictable ways. Assuming no change in market conditions or any other relevant factors, the price, if any, at which you may be able to sell your Notes prior to maturity may be less than your original purchase price, as any such
sale price would not be expected to include the referral fee or the hedging costs relating to the Notes. In addition to bid-ask spreads, the value of the Notes determined by RBCCM for any secondary market price is expected to be
based on the secondary rate rather than the internal funding rate used to price the Notes and determine the initial estimated value. As a result, the secondary price will be less than if the internal funding rate was used. The Notes
are not designed to be short-term trading instruments. Accordingly, you should be able and willing to hold your Notes to maturity.
|
• |
The Initial Estimated Value of the Notes that Is Set Forth on the Cover Page of this Pricing Supplement Is an Estimate Only, Calculated as of the Time the
Terms of the Notes Were Set — The initial estimated value of the Notes is based on the value of our obligation to make the payments on the Notes, together with the mid-market value of the
derivative embedded in the terms of the Notes. See “Structuring the Notes” below. Our estimate is based on a variety of assumptions, including our credit spreads, expectations as to dividends, interest rates and volatility, and the
expected term of the Notes. These assumptions are based on certain forecasts about future events, which may prove to be incorrect. Other entities may value the Notes or similar securities at a price that is significantly different
than we do.
|
• |
Our Business Activities May Create Conflicts of Interest — We and our affiliates expect to engage in trading activities related to the Reference Stock that are not
for the account of holders of the Notes or on their behalf. These trading activities may present a conflict between the holders’ interests in the Notes and the interests we and our affiliates will have in their proprietary accounts,
in facilitating transactions, including options and other derivatives transactions, for their customers and in accounts under their management. These trading activities, if they influence the price of the Reference Stock, could be
adverse to the interests of the holders of the Notes. We and one or more of our affiliates may, at present or in the future, engage in business with the Reference Stock Issuer, including making loans to or providing advisory services.
These services could include investment banking and merger and acquisition advisory
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to Apple Inc.
Royal Bank of Canada
|
• |
Owning the Notes Is Not the Same as Owning the Reference Stock — The return on your Notes is unlikely to reflect the
return you would realize if you actually owned the Reference Stock. For instance, you will not receive or be entitled to receive any dividend payments or other distributions on the Reference Stock during the term of your Notes. As
an owner of the Notes, you will not have voting rights or any other rights that holders of the Reference Stock may have. Furthermore, the Reference Stock may appreciate substantially during the term of the Notes, while your
potential return will be limited to the applicable Contingent Coupon payments.
|
• |
You Must Rely on Your Own Evaluation of the Merits of an Investment Linked to the Reference Stock — In the ordinary
course of their business, our affiliates may have expressed views on expected movements in the Reference Stock, and may do so in the future. These views or reports may be communicated to our clients and clients of our affiliates.
However, these views are subject to change from time to time. Moreover, other professionals who transact business in markets relating to the Reference Stock may at any time have significantly different views from those of our
affiliates. For these reasons, you are encouraged to derive information concerning the Reference Stock from multiple sources, and you should not rely solely on views expressed by our affiliates.
|
• |
There Is No Affiliation Between the Reference Stock Issuer and RBCCM, and RBCCM Is Not Responsible for any Disclosure by the Reference Stock Issuer — We are not affiliated with the Reference Stock Issuer. However, we and our affiliates may currently, or from time to time in the future engage in business with the Reference Stock Issuer. Nevertheless,
neither we nor our affiliates assume any responsibilities for the accuracy or the completeness of any information that any other company prepares. You, as an investor in the Notes, should make your own investigation into the
Reference Stock. The Reference Stock Issuer is not involved in this offering and has no obligation of any sort with respect to your Notes. The Reference Stock Issuer has no obligation to take your interests into consideration for
any reason, including when taking any corporate actions that might affect the value of your Notes.
|
• |
The Payments on the Notes Are Subject to Postponement Due to Market Disruption Events and Adjustments — The Payment
at Maturity, each Coupon Observation Date, each Call Observation Date and the Valuation Date are subject to adjustment as described in the product prospectus supplement. For a description of what constitutes a market disruption
event as well as the consequences of that market disruption event, see “General Terms of the Notes—Market Disruption Events” in the product prospectus supplement.
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to Apple Inc.
Royal Bank of Canada
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to Apple Inc.
Royal Bank of Canada
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to Apple Inc.
Royal Bank of Canada
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to Apple Inc.
Royal Bank of Canada
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to Apple Inc.
Royal Bank of Canada
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to Apple Inc.
Royal Bank of Canada
|
1 Year Royal Bank of Canada Chart |
1 Month Royal Bank of Canada Chart |
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