By Susanna Moon
Chicago, March 7 – Royal Bank of Canada priced $8.33 million of contingent income autocallable securities due Feb. 22, 2019 linked to the least performing of the United States Steel Corp. 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 11% if the stock closes at or above its 60% 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 determination date other than the final date.
The payout at maturity will be par unless the stock finishes below its 60% 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
|
Issue: | Contingent income autocallable securities
|
Underlying stock: | United States Steel Corp. (Symbol: X)
|
Amount: | $8,334,980
|
Maturity: | Feb. 22, 2019
|
Coupon: | 11% annualized, payable quarterly if stock closes at or above 60% coupon barrier on determination date for that quarter
|
Price: | Par
|
Payout at maturity: | If stock finishes at or above downside threshold, par; otherwise, 1% loss for each 1% decline
|
Call: | At par if stock closes at or above its initial level on any determination date other than the final date
|
Initial level: | $44.75
|
Downside threshold: | $26.85, 60% of initial level
|
Pricing date: | Feb. 16
|
Settlement date: | Feb. 22
|
Agent: | RBC Capital Markets, LLC with Morgan Stanley Wealth Management as distributor
|
Fees: | 1.25%
|
Cusip: | 78013Q228
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.