New Issue: RBC prices $490,000 7.7% reverse convertible notes on Freeport-McMoRan

By Wendy Van Sickle

Columbus, Ohio, Dec. 10 – Royal Bank of Canada priced $490,000 of 7.7% reverse convertible notes due Nov. 30, 2021 tied to the common stock of Freeport-McMoRan Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless the stock falls by 45% or more, in which case investors will be fully exposed to the decline of the stock.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Reverse convertible notes
Underlying stock:	Freeport-McMoRan Inc.
Amount:	$490,000
Maturity:	Nov. 30, 2021
Coupon:	7.7%, payable monthly
Price:	Par
Payout at maturity:	Par unless stock falls below barrier price, in which case investors will be fully exposed to the decline of the stock
Initial share price:	$23.11
Barrier price:	$12.71, 55% of initial price
Pricing date:	Nov. 24
Settlement date:	Nov. 30
Agent:	RBC Capital Markets, LLC
Fees:	2.25%
Cusip:	78013GYS8

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