By Kiku Steinfeld
Chicago, Jan. 22 – Royal Bank of Canada priced $2.2 million of autocallable contingent coupon barrier notes due Jan. 19, 2023 linked to the common stock of Wells Fargo & Co., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 10% per year if the stock closes at or above its coupon barrier, 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.
The payout at maturity will be par unless the stock finishes below its trigger price, 70% of its initial price, in which case investors will receive a number of shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.
RBC Capital Markets, LLC is the agent.
Issuer: | Royal Bank of Canada
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Issue: | Autocallable contingent coupon barrier notes
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Underlying stock: | Wells Fargo & Co.
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Amount: | $2,200,000
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Maturity: | Jan. 19, 2023
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Coupon: | 10%, payable quarterly if stock closes at or above 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 trigger price, in which case a number of shares equal to $1,000 divided by initial share price or cash equivalent
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Call: | At par if stock closes at or above initial share price on any quarterly observation date
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Initial share price: | $33.80
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Coupon barrier price: | $23.66, 70% of initial share price
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Trigger price: | $23.66, 70% of initial share price
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Pricing date: | Jan. 13
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Settlement date: | Jan. 19
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Agent: | RBC Capital Markets, LLC
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Fees: | 2.25%
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Cusip: | 78013GF91
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