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RBC plans autocallable contingent coupon barrier notes on Wells Fargo
By Emma Trincal
New York, Jan. 15 – Royal Bank of Canada planned to price autocallable contingent coupon barrier notes due Jan. 19, 2023 linked to the common stock of Wells Fargo & Co., according to an FWP filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 10% per year if the stock closes at or above its trigger price, 70% of its initial price, on the observation date for that quarter.
The notes will be called at par if the stock closes at or above its initial share price on any quarterly observation date.
If the notes are not called, the payout at maturity will be par unless the stock finishes below its 70% trigger price, in which case investors will be fully exposed to the decline.
RBC Capital Markets, LLC is the underwriter.
The notes were expected to price on Jan. 13 and settle on Jan. 19.
The Cusip number is 78013GF91.
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