By Wendy Van Sickle
Columbus, Ohio, Aug. 1 – Royal Bank of Canada priced $673,000 of autocallable contingent coupon barrier notes due Aug. 3, 2022 linked to the lesser performing of the common stocks of PayPal Holdings Inc. and Square Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 8.8% per year if each stock closes at or above its trigger price, 50% of its initial share price, on the observation date for that quarter.
Beginning Jan. 29, 2020, the notes will be automatically called at par if each stock closes at or above its initial share price on any quarterly observation date.
The payout at maturity will be par unless the lesser-performing stock finishes below its trigger price, in which case investors will lose 1% for every 1% that the lesser-performing stock declines from the initial share price.
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 stocks: | PayPal Holdings Inc. (Symbol: PYPL) and Square Inc. (Symbol: SQ)
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| Amount: | $673,000
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| Maturity: | Aug. 3, 2022
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| Coupon: | 8.8%, payable quarterly if each stock closes at or above trigger price on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless lesser-performing stock finishes below trigger price, in which case 1% loss for every 1% that lesser-performing stock declines from initial share price
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| Call: | Beginning Jan. 29, 2020, automatically at par if each stock closes at or above initial share price on any quarterly observation date
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| Initial share prices: | $111.45 for PayPal and $80.20 for Square
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| Trigger prices: | $50.37 for PayPal and $40.10 for Square, 50% of initial share prices
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| Pricing date: | July 29
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| Settlement date: | July 31
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| Underwriter: | RBC Capital Markets, LLC
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| Fees: | 2.25%
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| Cusip: | 78013XXB9
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