By Kiku Steinfeld
Chicago, June 18 – Royal Bank of Canada priced $1.71 million of autocallable contingent coupon barrier notes with memory coupon due June 13, 2022 linked to the common stock of General Electric Co., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 8.4% per year if the stock closes at or above its trigger price, 80% of its initial price, on the observation date for that quarter, in which case any previously unpaid coupons will be paid.
The notes will be called at par if the stock closes at or above its initial share price on any quarterly observation date.
If the notes are not called, the payout at maturity will be par unless the stock finishes below its trigger price, in which case investors will receive a number of the shares equal to the principal divided by the initial share price or, at the issuer’s option, the cash equivalent.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Autocallable contingent coupon barrier notes with memory coupon
|
| Underlying stock: | General Electric Co.
|
| Amount: | $1,712,000
|
| Maturity: | June 13, 2022
|
| Coupon: | 8.4%, payable quarterly if stock closes at or above trigger price on observation date for that quarter, in which case any previously unpaid coupons will be paid
|
| Price: | Par
|
| Payout at maturity: | Par unless stock finishes below trigger price, in which case 71.94 shares or cash equivalent
|
| Call: | At par if stock closes at or above initial share price on any quarterly observation date
|
| Initial share price: | $13.90
|
| Trigger price: | $11.12, 80% of initial share price
|
| Pricing date: | June 8
|
| Settlement date: | June 11
|
| Underwriter: | RBC Capital Markets, LLC
|
| Fees: | 2%
|
| Cusip: | 78013GQ40
|
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