By Kiku Steinfeld
Chicago, Oct. 12 – Royal Bank of Canada priced $1.64 million phoenix autocallable notes with memory coupon due Oct. 13, 2022 linked to FedEx Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
If the stock closes at or above the barrier level, 78.5% of the initial level, on a quarterly observation date, the notes will pay a contingent coupon for that quarter at an annualized rate of 10%, plus any previously unpaid contingent interest payments.
The notes will be called at par if the shares close at or above the initial share price on any observation date other than the final date.
The payout at maturity will be par unless the stock finishes below the 78.5% barrier level, in which case investors will lose 1% for each 1% decline.
RBC Capital Markets, LLC is the agent. JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are the placement agents.
| Issuer: | Royal Bank of Canada
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| Issue: | Phoenix autocallable notes with memory coupon
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| Underlying stock: | FedEx Corp.
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| Amount: | $1.64 million
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| Maturity: | Oct. 13, 2022
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| Coupon: | 10% annualized per quarter, plus any previously unpaid coupons, if stock closes at or above barrier level on quarterly observation date
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| Price: | Par
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| Payout at maturity: | Par if stock finishes at or above barrier level; otherwise, 1% loss for each 1% decline
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| Call: | At par if stock closes at or above initial level on a quarterly observation date other than final
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| Initial price: | $226.64
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| Barrier price: | $177.91; 78.5% of initial price
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| Pricing date: | Sept. 24
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| Settlement date: | Sept. 29
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| Agent: | RBC Capital Markets, LLC
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| Placement agents: | JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
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| Fees: | 1%
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| Cusip: | 78016F2B9
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