By Wendy Van Sickle
Columbus, Ohio, July 1 – Royal Bank of Canada priced $975,000 of phoenix autocallable notes with memory coupon due July 15, 2020 linked to the common stock of Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If Netflix shares close at or above the trigger price, 68.5% of the initial share price, on a quarterly observation date, the notes will pay a contingent coupon plus any previously unpaid contingent coupons. If Netflix shares close below the trigger price, no coupon will be paid that quarter. The contingent coupon rate is 15% per year.
The notes will be automatically called at par if Netflix shares close at or above the initial share price on Oct. 10, 2019, Jan. 9, 2020 or April 9, 2020.
The payout at maturity will be par unless Netflix shares finish below the trigger price, in which case investors will lose 1% for every 1% that the stock declines from its initial price.
JPMorgan Chase Bank NA and J.P. Morgan Securities LLC are the agents.
| Issuer: | Royal Bank of Canada
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| Issue: | Phoenix autocallable notes with memory coupon feature
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| Underlying stock: | Netflix Inc. (Symbol: NFLX)
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| Amount: | $975,000
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| Maturity: | July 15, 2020
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| Coupon: | 15% per year plus any previously unpaid contingent coupons if Netflix shares close at or above trigger price on applicable quarterly observation date
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| Price: | Par
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| Payout at maturity: | Par unless Netflix shares finish below trigger price, in which case full exposure to stock’s decline
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| Call: | Automatically at par if Netflix shares close at or above initial price on Oct. 10, 2019, Jan. 9, 2020 or April 9, 2020
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| Initial share price: | $367.32
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| Trigger price: | $251.61, 68.5% of initial share price
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| Final share price: | Average of closing share prices on five trading days ending July 10, 2020
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| Pricing date: | June 28
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| Settlement date: | July 3
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| Agents: | JPMorgan Chase Bank NA and J.P. Morgan Securities LLC
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| Fees: | 1%
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| Cusip: | 78013XV62
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