By William Gullotti
Buffalo, N.Y., June 29 – Royal Bank of Canada priced $4.61 million of 0% trigger absolute return autocallable notes due June 28, 2023 linked to Citigroup Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par of $10 plus an annual call premium of 11.7% if the shares close at or above its initial share price on any quarterly observation date.
If the stock finishes above its 75% downside threshold, the payout will be par plus the absolute value of the return.
Otherwise, investors will be fully exposed to any losses.
RBC Capital Markets LLC is the agent and UBS Financial Services Inc. is handling distribution.
| Issuer: | Royal Bank of Canada
|
| Issue: | Trigger absolute return autocallable notes
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| Underlying stock: | Citigroup Inc.
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| Amount: | $4,613,000
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| Maturity: | June 28, 2023
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| Coupon: | 0%
|
| Price: | Par of $10
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| Payout at maturity: | If stock finishes at or above downside threshold, par plus absolute return; otherwise, full exposure to share price decline from initial level
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| Call: | At par plus 11.7% per year if shares close at or above initial share price on any quarterly observation date
|
| Initial share price: | $68.96
|
| Downside threshold: | $51.72; 75% of initial price
|
| Pricing date: | June 23
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| Settlement date: | June 28
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| Agent: | RBC Capital Markets, LLC with UBS Financial Services Inc. handling distribution
|
| Fees: | 1.5%
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| Cusip: | 78014U301
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