$8,058,000 Auto-Callable Contingent Coupon Barrier Notes Linked to t he Common Stock of Snap Inc. due October 31, 2024, priced on October 27, 2021, were issued by Royal Bank of Canada. The pricing supplement for this note (CUSIP: 78016F4D3) can be found here. The notes had a $1,000 face value and paid a quarterly coupon of $25.375, so long as the notes had not been called and and Snap all closed above 60% of their October 27, 2021 closing prices on a determination date. If and Snap closed below 60% of their October 27, 2021 closing prices on a determination date, the notes did not pay a coupon. If not previously called, at maturity, the notes returned $1,000 in principal if and Snap all closed on the final determination date on October 28, 2024 and above 60% of their October 27, 2021 closing prices. If on October 28, 2024 and Snap closed below 60% of their October 27, 2021 closing prices, the notes paid reduced principal euqal to $1,000 multiplied by the lowest ratio of and Snap October 28, 2024 closing prices to their October 27, 2021 closing prices. The notes have matured. They didn't pay any coupon and $205.88 repayment per $1,000 note. Investors thus suffered capital losses of $794.12 and net losses of $794.12.† In the aggregate, investors in this note suffered $6,399,000 in capital losses and $6,399,000 in net losses. See Table 1 and Figure 1.
SLCG Economic Consulting, LLC ("SLCG") provides finance, economics, and investment management consulting services. Our clientele includes law firms, banks, brokerage firms, and individuals embroiled in complex litigation, for whom we offer expert witness services. Our team consists of highly qualified professionals holding PhD and MA-level degrees, with extensive experience across academia, industry, and government. We have provided expert testimony in state and federal courts, and in arbitration forums. SLCG is a wholly owned subsidiary of McCann Yan Holdings, Inc., a Virginia incorporated company based in Northern Virginia.