By Wendy Van Sickle
Columbus, Ohio, Sept. 4 – Royal Bank of Canada priced $2.78 million of autocallable contingent coupon barrier notes due Sept. 2, 2021 linked to 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 11.1% if the stock closes at or above its 65% coupon barrier on the observation date for that quarter.
The notes will be automatically called at par if the stock closes its initial level on any quarterly observation date after six months.
The payout at maturity will be par unless the stock finishes below its 65% trigger price, in which case investors will be fully exposed to any losses.
RBC Capital Markets, LLC is the underwriter.
Issuer: | Royal Bank of Canada
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Issue: | Autocallable contingent coupon barrier notes
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Underlying stock: | United States Steel Corp.
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Amount: | $2,778,000
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Maturity: | Sept. 2, 2021
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Coupon: | 11.1%, payable quarterly if stock closes at or above coupon barrier on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless stock finishes below trigger price, in which case shares equal to $1,000 divided by the initial share price
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Call: | At par if stock closes above initial level on any quarterly review date after six months
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Initial level: | $30.77
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Trigger price/coupon barrier: | $20.00, 65% of initial level
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Pricing date: | Aug. 29
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Settlement date: | Aug. 31
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Agent: | RBC Capital Markets, LLC
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Fees: | 2.25%
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Cusip: | 78013XA65
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