By Sarah Lizee
Olympia, Wash., Sept. 18 – Royal Bank of Canada priced $5.29 million of autocallable contingent coupon barrier notes due Sept. 20, 2023 tied to an equally weighted basket consisting of the common stocks of Apple Inc. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.25% if the basket closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes will be automatically called at par plus the coupon if the basket closes above its initial level on any observation date after six months.
The payout at maturity will be par unless the basket finishes below its 70% knock-in level, in which case investors will be fully exposed to the basket’s decline.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
|
| Issue: | Autocallable contingent coupon barrier notes
|
| Basket components: | Apple Inc. and Microsoft Corp.; equally weighted
|
| Amount: | $5,287,000
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| Maturity: | Sept. 20, 2023
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| Coupon: | 9.25%, payable each quarter that basket closes at or above coupon barrier on observation date for that quarter
|
| Price: | Para
|
| Payout at maturity: | Par unless basket finishes below knock-in level, in which case investors will be fully exposed to the basket’s decline
|
| Call: | Automatically at par plus coupon if basket closes at or above initial level on any quarterly observation date after six months
|
| Initial prices: | $115.54 for Apple, $208.78 for Microsoft
|
| Coupon barrier: | 70% of initial basket level
|
| Knock-in level: | 70% of initial basket level
|
| Pricing date: | Sept. 15
|
| Settlement date: | Sept. 18
|
| Agent: | RBC Capital Markets, LLC
|
| Fees: | 2.25%
|
| Cusip: | 78015KVV3
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