Chicago, Oct. 28 – Royal Bank of Canada priced $934,000 issuer callable contingent coupon barrier notes due Feb. 29, 2024 tied to the common stock of Wells Fargo & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 12.19% if the stock closes above its 70% coupon barrier on any observation date for that period.
The notes may be called at par plus any coupon due at the option of the issuer on any quarterly coupon payment date.
Investors will receive par plus the contingent coupon if the final level of the stock is above its 70% trigger level.
Otherwise, investors will be fully exposed to the losses of the stock, payable in cash or shares at the option of the issuers.
RBC Capital Markets, LLC is the underwriter.
Issuer: | Royal Bank of Canada
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Issue: | Issuer callable contingent coupon barrier notes
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Underlying stock: | Wells Fargo & Co.
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Amount: | $934,000
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Maturity: | Feb. 29, 2024
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Coupon: | 12.19% per year, paid quarterly if stock closes above coupon barrier on related observation date for that quarter
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Price: | Par
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Payout at maturity: | Par plus contingent coupon unless stock finishes below trigger level, in which case full exposure to losses of stock, payable in cash or shares at the issuer’s option
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Call option: | At par plus any coupon due at the option of the issuer on any quarterly coupon payment date
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Initial price: | $54.11
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Coupon barrier level: | $37.88, 70% of initial levels
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Trigger level: | $37.88, 70% of initial levels
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Pricing date: | Feb. 25
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Settlement date: | March 2
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Agent: | RBC Capital Markets, LLC
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Fees: | 1%
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Cusip: | 78015QAB7
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