![]() |
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-275898
|
||
Pricing Supplement
Dated April 25, 2024
To the Product Prospectus Supplement ERN-EI-1, Prospectus Supplement, and Prospectus, Each Dated December 20, 2023
|
$1,116,000
Auto-Callable Barrier Enhanced Return Notes Linked to the Russell 2000® Index, Due April 29, 2027 Royal Bank of Canada |
||
Reference Asset
|
Initial Level
|
Barrier Level*
|
||
Russell 2000® Index
|
1,981.118
|
1,485.839, which is 75.00% of the Initial Level
|
• |
If the Final Level of the Reference Asset is greater than the Initial Level, the Notes will pay at maturity a return equal to 140% of the Percentage Change.
|
• |
If the Final Level is less than or equal to the Initial Level, but is greater than or equal to the Barrier Level, the Notes will pay the principal amount at maturity.
|
• |
If the Final Level is less than the Barrier Level, investors will lose 1% of the principal amount of the Notes for each 1% that the Final Level has decreased from the Initial Level.
|
• |
The Notes will be automatically called for a Call Payment equal to 110% of the principal amount if the closing level of the Reference Asset on April 28, 2025 (the "Observation Date") is
greater than or equal to its Initial Level.
|
• |
Any payments on the Notes are subject to our credit risk.
|
• |
The Notes do not pay interest.
|
• |
The Notes will not be listed on any securities exchange.
|
Per Note
|
Total
|
||
Price to public(1)
|
100.00%
|
$1,116,000
|
|
Underwriting discounts and commissions (1)
|
2.50%
|
$27,900
|
|
Proceeds to Royal Bank of Canada
|
97.50%
|
$1,088,100
|
|
|
Auto-Callable Barrier Enhanced
Return Notes Linked to the Russell
2000® Index
|
Issuer:
|
Royal Bank of Canada (the “Bank”)
|
Underwriter:
|
RBC Capital Markets, LLC (“RBCCM”)
|
Reference Asset:
|
Russell 2000® Index (“RTY”)
|
Minimum Investment:
|
$1,000 and minimum denominations of $1,000 in excess thereof
|
Trade Date (Pricing
Date):
|
April 25, 2024
|
Issue Date:
|
April 30, 2024
|
Valuation Date:
|
April 26, 2027
|
Maturity Date:
|
April 29, 2027, subject to extension for market and other disruptions, as described in the product prospectus supplement.
|
Automatic Call:
|
If the closing level of the Reference Asset is greater than or equal to the Initial Level on the Observation Date, we will
automatically redeem the Notes, and investors will receive an amount equal to 110% of the principal amount on the Early Redemption Date ($1,100 for each $1,000 in principal amount). If the Notes are automatically called, no further
payments will be made on the Notes after the Early Redemption Date.
|
Observation Date:
|
April 28, 2025, subject to postponement as described in the product prospectus supplement.
|
Early Redemption Date:
|
May 1, 2025, subject to postponement as described in the product prospectus supplement.
|
Payment at Maturity (if
not automatically called
and held to maturity):
|
If the Notes are not previously called, we will pay you at maturity an amount based on the Final Level:
If the Final Level is greater than the Initial Level (that is, the Percentage Change is positive), then the investor will receive an amount per $1,000 principal amount per Note equal to:
Principal Amount + [Principal Amount x (Percentage Change x Participation Rate)]
If the Final Level is less than or equal to the
Initial Level, but is greater than or equal to the Barrier
Level (that is, the Percentage Change is between 0% and -25.00%), then the investor will receive the principal amount only.
If the Final Level is less than the Barrier Level (that is, the Percentage Change is less than ‑25.00%), then the investor will
receive a cash payment equal to:
Principal Amount + (Principal Amount x Percentage Change)
You could lose all or a significant portion of the principal amount of the Notes if the Final Level is less than the Barrier Level.
|
Percentage Change:
|
The Percentage Change, expressed as a percentage, is calculated using the following formula:
|
![]() |
|
Initial Level:
|
The closing level of the Reference Asset on the Trade Date, as set forth on the cover page of this pricing supplement.
|
Final Level:
|
The closing level of the Reference Asset on the Valuation Date.
|
Participation Rate:
|
140%
|
Barrier Level:
|
75% of the Initial Level, as set forth on the cover page of this pricing supplement.
|
Principal at Risk:
|
The Notes are NOT principal protected. You may
lose all or a substantial portion of your principal amount at maturity if the Final Level is less than the Barrier Level.
|
|
|
Auto-Callable Barrier Enhanced
Return Notes Linked to the Russell
2000® Index
|
Calculation Agent:
|
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 derivative contract 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 of your Notes.
|
Listing:
|
The Notes will not be listed on any securities exchange.
|
Clearance and
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.
|
|
|
Auto-Callable Barrier Enhanced
Return Notes Linked to the Russell
2000® Index
|
|
|
Auto-Callable Barrier Enhanced
Return Notes Linked to the Russell
2000® Index
|
Example 1 —
|
Calculation of the Payment at Maturity where the Percentage Change is positive.
|
|
Percentage Change:
|
5%
|
|
Payment at Maturity:
|
$1,000 + [$1,000 x (5% x 140%)] = $1,000 + $70 = $1,070
|
|
On a $1,000 investment, a 5% Percentage Change results in a Payment at Maturity of $1,070, a 7.00% return on the Notes.
|
Example 2 —
|
Calculation of the Payment at Maturity where the Percentage Change is negative (but is not less than -25%).
|
|
Percentage Change:
|
-8%
|
|
Payment at Maturity:
|
At maturity, if the Percentage Change is negative BUT is not less than -25%, then the Payment at Maturity will equal the
principal amount.
|
|
On a $1,000 investment, a -8% Percentage Change results in a Payment at Maturity of $1,000, a 0% return on the Notes.
|
Example 3 —
|
Calculation of the Payment at Maturity where the Percentage Change is negative (and is less than -25%).
|
|
Percentage Change:
|
-40%
|
|
Payment at Maturity:
|
$1,000 + ($1,000 x -40%) = $1,000 - $400 = $600
|
|
On a $1,000 investment, a -40% Percentage Change results in a Payment at Maturity of $600, a ‑40% return on the Notes.
|
|
|
Auto-Callable Barrier Enhanced
Return Notes Linked to the Russell
2000® Index
|
Hypothetical Percentage
Change
|
Redemption Amount as
Percentage of Principal
Amount
|
Redemption
Amount per $1,000
in Principal Amount
|
40.00%
|
156.00%
|
$1,560.00
|
30.00%
|
142.00%
|
$1,420.00
|
20.00%
|
128.00%
|
$1,280.00
|
10.00%
|
114.00%
|
$1,140.00
|
5.00%
|
107.00%
|
$1,070.00
|
0.00%
|
100.00%
|
$1,000.00
|
-5.00%
|
100.00%
|
$1,000.00
|
-10.00%
|
100.00%
|
$1,000.00
|
-20.00%
|
100.00%
|
$1,000.00
|
-25.00%
|
100.00%
|
$1,000.00
|
-30.00%
|
70.00%
|
$700.00
|
-40.00%
|
60.00%
|
$600.00
|
-50.00%
|
50.00%
|
$500.00
|
-60.00%
|
40.00%
|
$400.00
|
-70.00%
|
30.00%
|
$300.00
|
-80.00%
|
20.00%
|
$200.00
|
-90.00%
|
10.00%
|
$100.00
|
-100.00%
|
0.00%
|
$0.00
|
|
|
Auto-Callable Barrier Enhanced
Return Notes Linked to the Russell
2000® Index
|
• |
You May Receive Less Than 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 level of the Reference Asset. If the Notes are not automatically called, and the Final Level is less than the Barrier Level, you will lose 1% of the principal
amount of the Notes for each 1% that the Final Level is less than the Initial Level.
|
• |
The Notes Do Not Pay Interest and Your Return May Be Lower than the Return on a Conventional Debt Security of
Comparable Maturity — There will be no periodic interest payments on the Notes as there would be on a conventional fixed-rate or floating-rate debt security having the same 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.
|
• |
The Notes Are Subject to an Automatic Call —If the Notes are automatically called on the Observation Date,
you may not be able to reinvest at comparable terms or returns. If the Notes are automatically called, you will receive no more further payments on the Notes, and may be forced to invest in a lower interest rate environment and may
not be able to reinvest at comparable terms or returns. In addition, the fixed amount that you will receive upon an automatic call will be limited to the amount set forth in the "Summary" section above, even if the value of the
Reference Asset increases by more than the percentage represented by that amount. The payment on the Notes upon an automatic call may also be less than it would have been at maturity if the Notes were not automatically called.
|
• |
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 the amount due upon an automatic call or on the maturity date is dependent upon our ability to repay our obligations
on the applicable payment date. This will be the case even if the level of the Reference Asset increases after the Trade Date. No assurance can be given as to what our financial condition will be at any time during the term of the
Notes.
|
• |
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 level of
|
|
|
Auto-Callable Barrier Enhanced
Return Notes Linked to the Russell
2000® Index
|
• |
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 Are 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 Asset 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 level of the Reference Asset, 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 companies included in the
Reference Asset, including making loans to or providing advisory services. These services could include investment banking and merger and acquisition advisory services. These activities may present a conflict between our or one or
more of our affiliates’ obligations and your interests as a holder of the Notes. Moreover, we, and our affiliates may have published, and in the future expect to publish, research reports with respect to the Reference Asset. This
research is modified from time to time without notice and may express opinions or provide recommendations that are inconsistent with purchasing or holding the Notes. Any of these activities by us or one or more of our affiliates may
affect the level of the Reference Asset, and, therefore, the market value of the Notes.
|
• |
You Will Not Have Any Rights to the Securities Included in the Reference Asset — As a holder of the Notes,
you will not have voting rights or rights to receive cash dividends or other distributions or other rights that holders of securities included in the Reference Asset would have. The Final Level will not reflect any dividends paid on
the securities included in the Reference Asset, and accordingly, any positive return on the Notes may be less than the potential positive return on those securities.
|
|
|
Auto-Callable Barrier Enhanced
Return Notes Linked to the Russell
2000® Index
|
• |
The Payments on the Notes Are Subject to Postponement Due to Market Disruption Events and Adjustments — The
Observation Date, the Valuation Date and the payments on the Notes 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.
|
• |
An Investment in Notes Linked to the RTY Is Subject to Risks Associated in Investing in Stocks With a Small Market
Capitalization — The RTY consists of stocks issued by companies with relatively small market capitalizations. These companies often have greater stock price volatility, lower trading volume and less liquidity than
large-capitalization companies. As a result, the level of the RTY may be more volatile than that of a market measure that does not track solely small-capitalization stocks. Stock prices of small-capitalization companies are also
generally more vulnerable than those of large-capitalization companies to adverse business and economic developments, and the stocks of small-capitalization companies may be thinly traded, and be less attractive to many investors if
they do not pay dividends. In addition, small capitalization companies are often less well-established and less stable financially than large-capitalization companies and may depend on a small number of key personnel, making them more
vulnerable to loss of those individuals. Small capitalization companies tend to have lower revenues, less diverse product lines, smaller shares of their target markets, fewer financial resources and fewer competitive strengths than
large-capitalization companies. These companies may also be more susceptible to adverse developments related to their products or services.
|
|
|
Auto-Callable Barrier Enhanced
Return Notes Linked to the Russell
2000® Index
|
|
|
Auto-Callable Barrier Enhanced
Return Notes Linked to the Russell
2000® Index
|
|
|
Auto-Callable Barrier Enhanced
Return Notes Linked to the Russell
2000® Index
|
|
|
Auto-Callable Barrier Enhanced
Return Notes Linked to the Russell
2000® Index
|
|
|
Auto-Callable Barrier Enhanced
Return Notes Linked to the Russell
2000® Index
|
|
|
Auto-Callable Barrier Enhanced
Return Notes Linked to the Russell
2000® Index
|
|
|
Auto-Callable Barrier Enhanced
Return Notes Linked to the Russell
2000® Index
|
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end