By Wendy Van Sickle
Columbus, Ohio, June 19 – Royal Bank of Canada priced $16.74 million of contingent income autocallable securities due June 20, 2019 linked to Netflix, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 12.7% if the underlying stock closes at or above its 70% coupon barrier on the determination date that quarter.
The notes will be called at par if the stock closes at or above its initial level on any of the first three determination dates.
The payout at maturity will be par unless the stock finishes below its 70% downside threshold, in which case investors will be fully exposed to any losses.
RBC Capital Markets, LLC is the agent with distribution through Morgan Stanley Wealth Management.
Issuer: | Royal Bank of Canada
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Issue: | Contingent income autocallable securities
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Underlying asset: | Netflix, Inc. (Symbol: PANW)
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Amount: | $16,741,860
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Maturity: | June 20, 2019
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Coupon: | 12.7% annualized, payable quarterly if stock closes at or above 70% coupon barrier on determination date for that quarter
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Price: | Par
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Payout at maturity: | If stock finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline
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Call: | At par if stock closes at or above initial level on any of the first three determination dates
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Initial level: | $1391.98
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Downside threshold: | $274.39, 70% of initial level
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Pricing date: | June 15
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Settlement date: | June 20
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Agent: | RBC Capital Markets, LLC with Morgan Stanley Wealth Management as a distributor
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Fees: | 1.75%
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Cusip: | 78014G161
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