By William Gullotti
Buffalo, N.Y., Feb. 10 – Royal Bank of Canada priced $1.73 million of autocallable contingent coupon barrier notes due Jan. 24, 2025 linked to an equally weighted basket of the stocks of Carnival Corp. and Royal Caribbean Cruises Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon at an annual rate of 11% if the basket closes at or above its 60% coupon barrier on the relevant observation date.
The notes will be automatically called at par plus the coupon if the basket closes above its initial share price on any quarterly call observation date after six months.
The payout at maturity will be par plus the final coupon if the basket finishes at or above the 60% knock-in level. Otherwise, investors will be fully exposed to the basket’s decline from its initial level.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
|
| Issue: | Autocallable contingent coupon barrier notes
|
| Underlying basket: | Carnival Corp., Royal Caribbean Cruises Ltd.; equal weights
|
| Amount: | $1,737,000
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| Maturity: | Jan. 24, 2025
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| Coupon: | 11%, payable monthly if the basket closes at or above coupon barrier on the corresponding observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus the final coupon if basket finishes at or above knock-in level, par plus final coupon; otherwise, full exposure to basket decline from initial level
|
| Call: | Automatically at par plus coupon if basket closes at or above initial share price on any quarterly call observation date after six months
|
| Initial prices: | $21.98 for Carnival, $82.33 for Royal Caribbean
|
| Coupon barrier: | 60% of initial level
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| Knock-in level: | 60% of initial level
|
| Pricing date: | Jan. 18
|
| Settlement date: | Jan. 21
|
| Agent: | RBC Capital Markets, LLC
|
| Fees: | 2.25%
|
| Cusip: | 78016FC44
|
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