By Taylor Fox
New York, Feb. 26 – Royal Bank of Canada priced $2.08 million of 10% issuer callable fixed-coupon barrier notes due Feb. 25, 2022 linked to the common stock of Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes are callable at par on any coupon payment date beginning in May.
The payout will be par unless the stock closes below its 75% barrier level, in which case investors will lose 1% for each 1% decline of the stock from its initial level, payable in 7.7 shares or cash at the issuer’s option.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
|
| Issue: | Issuer callable fixed-coupon barrier notes
|
| Underlying stock: | Apple Inc.
|
| Amount: | $2,075,000
|
| Maturity: | Feb. 25, 2022
|
| Coupon: | 10% annual rate, payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par unless stock closes below its barrier level, in which case full exposure to losses
|
| Call option: | At par on any quarterly coupon payment date
|
| Initial level: | $129.87
|
| Barrier level: | $97.40, 75% of initial level
|
| Pricing date: | Feb. 19
|
| Settlement date: | Feb. 24
|
| Agent: | RBC Capital Markets, LLC
|
| Fees: | 1%
|
| Cusip: | 78013GJ30
|
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