By Wendy Van Sickle
Columbus, Ohio, Dec. 16 – Royal Bank of Canada priced $3.4 million of contingent income autocallable securities due June 16, 2021 linked to the common stock of Schlumberger NV, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by Goldman Sachs Group, Inc.
The notes will pay a contingent monthly coupon at an annual rate of 14% if the stock closes at or above the 60% downside threshold on the related monthly determination date.
The notes will be called at par of $10 plus the contingent coupon if the stock closes at or above its initial price on any monthly determination date.
The payout at maturity will be par plus the final coupon unless the stock finishes below its downside threshold, in which case investors will lose 1% for each 1% share price decline.
RBC Capital Markets, LLC is the agent. Morgan Stanley Wealth Management is the dealer.
| Issuer: | Royal Bank of Canada
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| Issue: | Contingent income autocallable securities
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| Underlying stock: | Schlumberger NV
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| Amount: | $3,403,700
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| Maturity: | June 16, 2021
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| Coupon: | 14%, payable monthly if stock closes at or above downside threshold level on determination date for that month
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| Price: | Par of $10
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| Payout at maturity: | If stock finishes at or above downside threshold, par plus final coupon; otherwise, full exposure to share price decline
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| Call: | At par plus contingent coupon if stock closes at or above initial price on any determination date
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| Initial share price: | $22.94
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| Downside threshold: | $16.06, 70% of initial price
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| Pricing date: | Dec. 11
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| Settlement date: | Dec. 16
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| Agent: | RBC Capital Markets, LLC
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| Dealer: | Morgan Stanley Wealth Management
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| Fees: | 1.25%
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| Cusip: | 78014M432
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