By Wendy Van Sickle
Columbus, Ohio, April 20 – Royal Bank of Canada priced $1 million autocallable contingent coupon barrier notes due April 5, 2023 tied to the SPDR S&P Retail ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 8.3% if the fund closes above its 80% coupon barrier on the observation date for that quarter.
The notes will be called at par plus any coupon due if the ETF closes at or above initial level on any quarterly valuation date.
Investors will receive par plus the final contingent coupon if the final level of the fund is above its 80% trigger level.
Otherwise, investors will be fully exposed to the losses of the underlier.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
|
| Issue: | Autocallable contingent coupon barrier note
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| Underlying fund: | SPDR S&P Retail ETF
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| Amount: | $1 million
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| Maturity: | April 5, 2023
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| Coupon: | 8.3% annual rate, paid quarterly if fund closes above coupon barrier on related observation date
|
| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless fund closes below trigger level, in which case full exposure to losses
|
| Call: | At par plus any coupon due if ETF closes at or above initial level on any quarterly valuation date
|
| Initial level: | $89.21
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| Coupon barrier level: | $71.37, 80% of initial level
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| Trigger level: | $71.37, 80% of initial level
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| Pricing date: | March 31
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| Settlement date: | April 6
|
| Agent: | RBC Capital Markets, LLC
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| Fees: | 1%
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| Cusip: | 78013GL78
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