By Wendy Van Sickle
Columbus, Ohio, Sept. 20 – Royal Bank of Canada priced $1 million of issuer callable contingent coupon barrier notes due Sept. 23, 2020 linked to FedEx Corp. 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 8.7% if the stock closes at or above its 80% coupon barrier on the observation date for that quarter.
The notes will be callable at par on any coupon payment date.
The payout at maturity will be par unless the stock finishes below the 80% trigger price, in which case investors will receive a number shares equal to $1,000 divided by the initial share price.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
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| Issue: | Issuer callable contingent coupon barrier notes
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| Underlying stock: | FedEx Corp.
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| Amount: | $1 million
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| Maturity: | Sept. 23, 2020
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| Coupon: | 8.7%, payable quarterly if stock closes at or above coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless stock finishes below trigger level, in which case shares of stock equal to $1,000 divided by the initial share price
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| Call: | At par on any coupon payment date
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| Initial level: | $241.58
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| Coupon barrier/trigger price: | $193.26, 80% of initial level
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| Pricing date: | Sept. 18
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| Settlement date: | Sept. 21
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| Agents: | RBC Capital Markets, LLC
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| Fees: | 1%
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| Cusip: | 78013GGW9
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