By Emma Trincal
New York, Sept. 30 – Royal Bank of Canada priced $750,000 of autocallable contingent coupon barrier notes due Oct. 3, 2024 linked to the performance of the Financial Select Sector SPDR Fund and the Technology Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at the rate of 10% per year if the worst performing ETF closes at or above its coupon barrier, 80% of its initial level, on the relevant observation date.
The notes will be called at par plus the coupon if the worst performing ETF closes at or above its initial level on any quarterly observation date.
If the notes are not called, the payout at maturity will be par plus the final coupon unless the worst performing ETF finishes below its trigger level, 80% of the initial price, in which case investors will be fully exposed to the decline of the worst performing ETF from its initial level.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
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| Issue: | Autocallable contingent coupon barrier notes
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| Underlying ETFs: | Financial Select Sector SPDR and Technology Select Sector SPDR
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| Amount: | $750,000
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| Maturity: | Oct. 3, 2024
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| Coupon: | 10%, payable quarterly if worst performing ETF closes at or above coupon barrier on the relevant observation date
|
| Price: | Par
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| Payout at maturity: | If all ETFs finish at or above the trigger level, par plus the final coupon; otherwise, investors will be fully exposed to the worst performing ETF from its initial level
|
| Call: | At par plus coupon if each ETF closes at or above initial level on any quarterly observation date
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| Initial levels: | $38.10 for Financial Sector SPDR, $150.59 for Technology Select Sector SPDR
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| Coupon barrier and trigger level: | $30.48 for Financial Sector SPDR, $120.47 for Technology Select Sector SPDR; 80% of initial levels
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| Pricing date: | Sept. 28
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| Settlement date: | Sept. 30
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 1%
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| Cusip: | 78016F2L7
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