By William Gullotti
Buffalo, N.Y., June 21 – Royal Bank of Canada priced $443,000 issuer callable contingent coupon barrier notes due May 25, 2023 tied to the shares of Facebook, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 9% if the stock closes above its 70% coupon barrier on the observation date for that quarter.
The notes may be called at par plus any coupon due at the option of the issuer on any quarterly coupon payment date after six months.
Investors will receive par plus the contingent coupon if the final level of the stock is above its 70% trigger level.
Otherwise, investors will be fully exposed to the losses of the stock, payable either in shares or cash.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Issuer callable contingent coupon barrier notes
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| Underlying stock: | Facebook, Inc.
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| Amount: | $443,000
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| Maturity: | May 25, 2023
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| Coupon: | 9% per year, paid quarterly if stock closes above coupon barrier on the related observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon unless stock closes below trigger level, in which case full exposure to losses of stock, payable either in share or cash at the issuer’s option
|
| Call option: | At par plus any coupon due at the option of the issuer on any quarterly coupon payment date after six months
|
| Initial price: | $316.23
|
| Coupon barrier level: | $221.36; 70% of initial level
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| Trigger level: | $221.36; 70% of initial level
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| Pricing date: | May 21
|
| Settlement date: | May 26
|
| Agent: | RBC Capital Markets, LLC
|
| Fees: | 1.75%
|
| Cusip: | 78013GP58
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