By Kiku Steinfeld
Chicago, June 17 – Royal Bank of Canada priced $3.71 million of issuer callable contingent coupon barrier notes due May 24, 2023 linked to Facebook, Inc. 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 9% if the stock closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes will be callable at par on any coupon payment date after six months.
The payout at maturity will be par unless the stock finishes below the 70% trigger price, in which case investors will receive a number of shares equal to $1,000 divided by the initial share price or, at the option of the issuer, the cash equivalent of those shares.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Issuer callable contingent coupon barrier notes
|
| Underlying stock: | Facebook, Inc.
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| Amount: | $3,707,000
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| Maturity: | May 24, 2023
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| Coupon: | 9%, payable quarterly if stock closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par
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| Payout at maturity: | Par unless stock finishes below trigger level, in which case 3.19 shares of stock or cash
|
| Call: | At par on any coupon payment date after six months
|
| Initial level: | $313.59
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| Coupon barrier/trigger price: | $219.51; 70% of initial level
|
| Pricing date: | May 19
|
| Settlement date: | May 24
|
| Agent: | RBC Capital Markets, LLC
|
| Fees: | 1.75%
|
| Cusip: | 78013GP41
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