By William Gullotti
Buffalo, N.Y., Sept. 27 – Royal Bank of Canada priced $1.02 million issuer callable fixed coupon barrier notes due Sept. 26, 2024 tied to the shares of FedEx Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly fixed coupon at an annual rate of 9%.
The notes may be called at par plus the fixed coupon at the option of the issuer on any quarterly coupon payment date after six months.
Investors will receive par plus the fixed coupon if the final level of the stock is above its 50% trigger level.
Otherwise, investors will receive a number of shares equal to $1,000 divided by the stock’s initial share price or the cash equivalent at the issuer’s option.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Issuer callable fixed coupon barrier notes
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| Underlying stock: | FedEx Corp.
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| Amount: | $1,021,000
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| Maturity: | Sept. 26, 2024
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| Coupon: | 9% per year, paid quarterly
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| Price: | Par
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| Payout at maturity: | Par plus fixed coupon unless stock finishes below trigger level, in which case full exposure to losses of stock, payable either as 6.47 shares per note or cash at the issuer’s option
|
| Call option: | At par plus the fixed coupon on any quarterly coupon payment date after six months
|
| Initial price: | $154.54
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| Trigger level: | $77.27; 50% of initial level
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| Pricing date: | Sept. 22
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| Settlement date: | Sept. 27
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 1.5%
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| Cusip: | 78015QCB5
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