By William Gullotti
Buffalo, N.Y., May 19 – Royal Bank of Canada priced $250,000 issuer callable contingent coupon barrier notes due April 13, 2023 tied to the common stock of Ford Motor Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 13.5% if the stock closes above its 65% coupon barrier on the observation date for that quarter.
The notes may be called at par plus any coupon due at the option of the issuer on any quarterly coupon payment date.
Investors will receive par plus the contingent coupon if the final level of the stock is above its 65% trigger level.
Otherwise, investors will be fully exposed to the losses of the stock, payable either in shares or cash.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Issuer callable contingent coupon barrier notes
|
| Underlying stock: | Ford Motor Co.
|
| Amount: | $250,000
|
| Maturity: | April 13, 2023
|
| Coupon: | 13.5% per year, paid quarterly if stock closes above coupon barrier on the related observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon unless stock closes below trigger level, in which case full exposure to losses of stock, payable either in share or cash at the issuer’s option
|
| Call option: | At par plus any coupon due at the option of the issuer on any quarterly coupon payment date
|
| Initial price: | $12.51
|
| Coupon barrier level: | $8.13; 65% of initial level
|
| Trigger level: | $8.13; 65% of initial level
|
| Pricing date: | April 9
|
| Settlement date: | April 14
|
| Agent: | RBC Capital Markets, LLC
|
| Fees: | 0.75%
|
| Cusip: | 78013GM51
|
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