By Angela McDaniels
Tacoma, Wash., Oct. 28 – Royal Bank of Canada priced $4.59 million of autocallable contingent coupon barrier notes due Oct. 28, 2021 linked to the least performing of the SPDR S&P Bank exchange-traded fund, the SPDR S&P Biotech exchange-traded fund and the Technology Select Sector SPDR fund, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 14.48% per year if each ETF closes at or above its trigger price, 70% of its initial share price, on the observation date for that quarter.
The notes will be automatically called at par if each ETF closes at or above its initial share price on any quarterly observation date.
The payout at maturity will be par unless the least-performing ETF finishes below its trigger price, in which case investors will lose 1% for every 1% that the least-performing ETF declines from the initial share price.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Autocallable contingent coupon barrier notes
|
| Underlying ETFs: | SPDR S&P Bank ETF, SPDR S&P Biotech ETF and Technology Select Sector SPDR fund
|
| Amount: | $4,586,000
|
| Maturity: | Oct. 28, 2021
|
| Coupon: | 14.48%, payable quarterly if each ETF closes at or above trigger price on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless least-performing ETF finishes below trigger price, in which case 1% loss for every 1% that least-performing ETF declines from initial share price
|
| Call: | Automatically at par if each ETF closes at or above initial share price on any quarterly observation date
|
| Initial share prices: | $44.62 for bank ETF, $81.35 for biotech ETF and $82.92 for tech fund
|
| Trigger prices: | $31.23 for bank ETF, $56.95 for biotech ETF and $58.04 for tech fund, or 70% of initial share prices
|
| Pricing date: | Oct. 25
|
| Settlement date: | Nov. 1
|
| Underwriter: | RBC Capital Markets, LLC
|
| Fees: | 1.75%
|
| Cusip: | 78015KAY0
|
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