By Taylor Fox
New York, Aug. 18 – Royal Bank of Canada priced $538,000 of autocallable contingent coupon barrier notes due Aug. 17, 2023 linked 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 10% if the ETF closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes will be called at par if the ETF closes above its initial level on any quarterly observation date after six months.
The payout at maturity will be par plus the final coupon unless the final price of the ETF is below the 65% trigger price, in which case investors will lose 1% for every 1% decline in the underlying asset.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Autocallable contingent coupon barrier notes
|
| Underlying ETF: | VanEck Vectors Gold Miners ETF
|
| Amount: | $538,000
|
| Maturity: | Aug. 17, 2023
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| Coupon: | 10% annual rate, payable quarterly if ETF closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless ETF finishes below 65% trigger price, in which case 1% loss for each 1% decline in underlier
|
| Call: | At par if ETF closes above initial level on any quarterly review date after six months
|
| Initial level: | $40.35
|
| Trigger/coupon barrier: | $26.23, 65% of initial level
|
| Pricing date: | Aug. 14
|
| Settlement date: | Aug. 19
|
| Agent: | RBC Capital Markets, LLC
|
| Fees: | 2.25%
|
| Cusip: | 78015KXL3
|
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