By Susanna Moon
Chicago, April 17 – Royal Bank of Canada priced $918,000 of autocallable contingent coupon barrier notes due April 15, 2021 linked to the common stock of Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annual rate of 7.5% if the stock closes at or above its 75% coupon barrier on the observation date for that quarter.
The notes will be called at par if the stock closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par unless the stock finishes below its 75% trigger level, in which case investors will be fully exposed to any losses.
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: | Apple Inc. (Symbol: AAPL)
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| Amount: | $918,000
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| Maturity: | April 15, 2021
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| Coupon: | 7.5% annualized, payable quarterly if stock closes at or above 75% coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless stock finishes below 75% trigger, in which case 1% loss per 1% decline
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| Call: | At par if stock closes at or above initial level on any quarterly observation date beginning Oct. 11, 2018
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| Initial level: | $172.44
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| Trigger level: | $129.33, 75% of initial level
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| Pricing date: | April 11
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| Settlement date: | April 16
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 2.25%
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| Cusip: | 78013XLA4
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