By Angela McDaniels
Tacoma, Wash., Oct. 24 – Royal Bank of Canada priced $1 million of issuer callable contingent coupon barrier notes due Oct. 25, 2018 linked to the common stock of Walt Disney Co., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 8.375% per year if the stock closes at or above the trigger level, 80% of the initial share price, on the observation date for that quarter.
The notes are callable at par on any interest payment date.
The payout at maturity will be par unless the stock finishes below its trigger level, in which case investors will receive a number of Disney shares equal to $1,000 divided by the initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Issuer callable contingent coupon barrier notes
|
| Underlying stock: | Walt Disney Co. (NYSE: DIS)
|
| Amount: | $1 million
|
| Maturity: | Oct. 25, 2018
|
| Coupon: | 8.375% per year, payable quarterly if stock closes at or above trigger level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless stock finishes below trigger level, in which case 10.866 Disney shares or, at issuer’s option, amount in cash equal to value of those shares
|
| Call option: | Callable at par on any interest payment date
|
| Initial share price: | $92.03
|
| Trigger price: | $73.62, 80% of initial share price
|
| Pricing date: | Oct. 20
|
| Settlement date: | Oct. 25
|
| Underwriter: | RBC Capital Markets, LLC
|
| Fees: | 1.035%
|
| Cusip: | 78013GBS3
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
