By William Gullotti
Buffalo, N.Y., Oct. 10 – Royal Bank of Canada priced $1.14 million of autocallable contingent coupon barrier notes due Oct. 2, 2025 linked to the common stock of Tesla, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent monthly coupon at an annual rate of 21.6% if the stock closes at or above its coupon barrier price, 60% of its initial price, on the corresponding observation date.
The notes will be called at par plus coupon if the stock closes at or above its initial share price on any quarterly observation date after six months.
If the notes are not called, the payout at maturity will be par plus the final coupon unless the stock finishes below its 60% trigger price, in which case investors will receive a number of shares per note equal to $10,000 divided by the initial share price or the cash value of those shares.
RBC Capital Markets, LLC is the underwriter.
Issuer: | Royal Bank of Canada
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Issue: | Autocallable contingent coupon barrier notes
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Underlying stock: | Tesla, Inc.
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Amount: | $1.14 million
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Maturity: | Oct. 2, 2025
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Coupon: | 21.6% annual rate, payable monthly if stock closes at or above trigger price on the corresponding observation date
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Price: | Par of $10,000
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Payout at maturity: | Par plus the final coupon unless stock finishes below trigger price, in which case receive 37.28 shares per note or the cash equivalent
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Call: | At par plus coupon if stock closes at or above initial share price on any quarterly observation date after six months
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Initial share price: | $268.21
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Coupon barrier price: | $160.93; 60% of initial share price
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Trigger price: | $160.93; 60% of initial share price
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Pricing date: | Sept. 29
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Settlement date: | Oct. 4
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Underwriter: | RBC Capital Markets, LLC
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Fees: | 2%
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Cusip: | 78015QCK5
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