By Sarah Lizee
Olympia, Wash., Nov. 4 – Royal Bank of Canada priced $1 million of autocallable contingent coupon barrier notes due Nov. 3, 2021 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 12% 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 its initial level on any quarterly observation date after six months.
If the notes are not previously called, the payout at maturity will be par unless the closing level of the ETF is less than 70% of its initial level on any day during the life of the notes, in which case investors will have full exposure to the decline of the ETF from its initial level.
RBC Capital Markets, LLC is the underwriter.
| 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: | $1 million
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| Maturity: | Nov. 3, 2021
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| Coupon: | 12%, payable quarterly if 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 the closing level of the ETF is less than 70% of its initial level on any day during the life of the notes, in which case investors will have full exposure to the decline of the ETF from its initial level
|
| Call: | At par if ETF closes above initial level on any quarterly review date after six months
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| Initial level: | $27.45
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| Trigger/coupon barrier: | $19.22, 70% of initial level
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| Pricing date: | Oct. 30
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| Settlement date: | Nov. 4
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 0.75%
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| Cusip: | 78015KFX7
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