By Susanna Moon
Chicago, Aug. 30 – Royal Bank of Canada priced $9.45 million of contingent income autocallable securities due March 1, 2018 linked to Netflix, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 12% if the stock closes at or above the 75% downside threshold on the determination date for that month.
The notes will be called at par plus the contingent coupon if the stock closes at or above its initial level on any of the first five quarterly determination dates.
The payout at maturity will be par plus the final coupon unless the stock finishes below its 75% downside threshold, in which case investors will be fully exposure to any losses.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
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| Issue: | Contingent income autocallable securities
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| Underlying stock: | Netflix, Inc. (Symbol: NFLX)
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| Amount: | $9,453,510
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| Maturity: | March 1, 2018
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| Coupon: | 12% annualized, payable monthly if stock closes at or above downside threshold level on determination date for that month
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| Price: | Par
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| Payout at maturity: | If final share price is at or above downside threshold, par plus contingent coupon; otherwise, lose 1% for each 1% decline
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| Call: | At par plus contingent coupon if stock closes at or above initial on first five quarterly determination dates
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| Initial share price: | $165.95
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| Downside threshold: | $124.46, 75% of initial level
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| Pricing date: | Aug. 25
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| Settlement date: | Aug. 30
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 0.75%
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| Cusip: | 78013F305
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