By Kiku Steinfeld
Chicago, Sept. 8 – Royal Bank of Canada priced $2.31 million of autocallable contingent coupon barrier notes due Aug. 30, 2024 linked to an equally weighted basket of the common stocks of Ford Motor Co. and General Motors Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annual rate of 7.5% if the basket closes at or above its coupon barrier, 70% of the initial level, on the applicable quarterly observation date.
The notes will be called at par plus the coupon if the basket finishes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par plus the final coupon unless the basket finishes below its 70% trigger level, in which case investors will lose 1% for each 1% that the basket’s final level is less than 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 basket: | Ford Motor Co. and General Motors Co., equal weights
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| Amount: | $2,311,000
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| Maturity: | Aug. 30, 2024
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| Coupon: | 7.5%, payable quarterly if basket closes at or above its coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless basket finishes below trigger level, in which case 1% loss for every 1% that basket declines from initial level
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| Call: | At par if the basket finishes at or above initial level on any quarterly observation date after six months
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| Initial prices: | $13.31 for Ford, $49.80 for General Motors
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| Coupon barriers: | 70% of initial prices
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| Trigger prices: | 70% of initial prices
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| Pricing date: | Aug. 27
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| Settlement date: | Aug. 31
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 2.25%
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| Cusip: | 78016EL96
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