By Kiku Steinfeld
Chicago, May 3 – Royal Bank of Canada priced $6.97 million of autocallable contingent coupon barrier notes due April 18, 2024 linked to Ford Motor Co. 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 8.75% if the stock closes at or above its 60% coupon barrier on the observation date for that quarter.
The notes will be automatically called at par if the stock closes its initial level on any quarterly observation date after six months.
The payout at maturity will be par unless the stock finishes below its 60% trigger price, in which case investors will be fully exposed to any losses.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
|
| Issue: | Autocallable contingent coupon barrier notes
|
| Underlying stock: | Ford Motor Co.
|
| Amount: | $6,967,000
|
| Maturity: | April 18, 2024
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| Coupon: | 8.75%, payable quarterly if stock closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless stock finishes below trigger price, in which case full exposure
|
| Call: | At par if stock closes above initial level on any quarterly review date after six months
|
| Initial level: | $12.24
|
| Trigger price/coupon barrier: | $7.34, 60% of initial level
|
| Pricing date: | April 15
|
| Settlement date: | April 20
|
| Agent: | RBC Capital Markets, LLC
|
| Fees: | 2.25%
|
| Cusip: | 78016ESQ1
|
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