By Sarah Lizee
Olympia, Wash., April 27 – Royal Bank of Canada priced $500,000 phoenix autocallable notes with memory coupon due May 5, 2021 linked to Walt Disney Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
If the stock closes at or above the barrier level, 60% of the initial level, on a quarterly observation date, the notes will pay a contingent coupon for that quarter at an annualized rate of 10.1%, plus any previously unpaid contingent interest payments.
The notes will be called at par if the shares close at or above the initial share price on any observation date other than the final date.
The payout at maturity will be par plus the final coupon and any previously unpaid coupons unless the stock finishes below the 60% trigger level, in which case investors will lose 1% for each 1% stock decline.
RBC Capital Markets, LLC, 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
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Underlying stock: | Walt Disney Co.
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Amount: | $500,000
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Maturity: | May 5, 2021
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Coupon: | 10.1% annualized, plus any previously unpaid coupons, if index closes at or above barrier level on quarterly observation date
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Price: | Par
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Payout at maturity: | Par plus contingent coupon and previously unpaid coupons if index finishes at or above trigger level; otherwise, 1% loss for each 1% stock decline
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Call: | At par plus contingent coupon and previously unpaid coupons if index closes at or above initial level on a quarterly observation date
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Initial price: | $105.5836
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Barrier/trigger price: | $63.35, 60% of initial price
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Pricing date: | April 20
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Settlement date: | April 23
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Agents: | RBC Capital Markets, LLC, JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
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Fees: | 1%
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Cusip: | 78013GVK8
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