By Wendy Van Sickle
Columbus, Ohio, May 11 – Royal Bank of Canada priced $685,000 of autocallable contingent coupon barrier notes due May 11, 2023 tied to the VanEck Vectors Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.5% if the ETF closes at or above its 60% coupon barrier on the observation date for that quarter.
The notes will be automatically called at par plus the coupon if the ETF closes above its initial share price on any observation date after six months.
The payout at maturity will be par unless the ETF finishes below its 60% knock-in level, in which case investors will be fully exposed to the ETF’s decline.
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 ETF: | VanEck Vectors Gold Miners ETF
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Amount: | $685,000
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Maturity: | May 11, 2023
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Coupon: | 9.5%, payable each quarter that ETF 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 ETF finishes below its knock-in level, in which case investors will be fully exposed to the ETF’s decline
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Call: | Automatically at par plus coupon if ETF closes at or above initial share price on any quarterly observation date after six months
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Initial price: | $33.70
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Coupon barrier: | $20.22, 60% of initial price
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Knock-in level: | $20.22, 60% of initial price
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Pricing date: | May 6
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Settlement date: | May 11
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Agent: | RBC Capital Markets, LLC
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Fees: | 2.25%
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Cusip: | 78015KRM8
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