By Wendy Van Sickle
Columbus, Ohio, March 1 – Royal Bank of Canada priced $1.82 million of 9% autocallable reverse convertible notes due March 1, 2019 linked to the common stock of Facebook, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes will be automatically called at par plus the coupon if the shares close at or above the initial share price on any quarterly observation date starting Aug. 27, 2018.
The payout at maturity will be par unless Facebook shares ever close at or below the barrier price, 70% of the initial share price, during the life of the notes and finish below the initial share price, in which case investors will receive a number of Facebook shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.
RBC Capital Markets, LLC is the agent.
Issuer: | Royal Bank of Canada
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Issue: | Autocallable reverse convertible notes
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Underlying stock: | Facebook, Inc.
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Amount: | $1.82 million
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Maturity: | March 1, 2019
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Contingent coupon: | 9%, payable quarterly
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Price: | Par
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Payout at maturity: | Par unless stock falls and ever closes at or below barrier during life of notes, in which case a number of Facebook shares equal to $1,000 divided by the initial share price
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Call: | At par plus the coupon if stock closes at or above initial share price on any quarterly observation date beginning Aug. 27, 2018
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Initial price: | $184.93
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Barrier price: | $129.45, 70% of initial price
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Pricing date: | Feb. 21
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Settlement date: | Feb. 26
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Agent: | RBC Capital Markets, LLC
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Fees: | 1%
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Cusip: | 78013GFW0
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