Published on 4/15/2021 in the Prospect News Structured Products Daily.
New Issue: RBC sells $500,000 callable contingent coupon barrier notes on Facebook
By Wendy Van Sickle
Columbus, Ohio, April 15 – Royal Bank of Canada priced $500,000 of callable contingent coupon barrier notes due April 4, 2023 linked to the common stock of Facebook, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 11.1% if the stock closes at or above the 70% coupon barrier price on the observation date for that quarter.
The notes may be called at par plus any contingent coupon on any coupon payment date.
The payout at maturity will be par plus the final coupon unless the stock finishes below the 70% barrier price, in which case investors will receive a number of Facebook shares equal to the principal divided by the initial share price, or, at the issuer’s option, the cash equivalent.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Callable contingent coupon barrier notes
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| Underlying stock: | Facebook, Inc.
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| Amount: | $500,000
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| Maturity: | April 4, 2023
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| Coupon: | 11.1%, payable quarterly if stock closes at or above coupon barrier price on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus final coupon unless stock finishes below trigger price, in which case a number of shares equal to the principal divided by the initial share price, or, at issuer’s option, cash equivalent
|
| Call: | At par plus contingent coupon on any coupon payment date
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| Initial price: | $288.00
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| Coupon/barrier price: | $201.60, 70% of initial price
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| Pricing date: | March 30
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| Settlement date: | April 5
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| Agents: | RBC Capital Markets, LLC
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| Fees: | 1%
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| Cusip: | 78013GL52
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