By William Gullotti
Buffalo, N.Y., Aug. 11 – Royal Bank of Canada priced $622,000 of autocallable contingent coupon barrier notes due May 22, 2024 linked to the common stock of CrowdStrike Holdings, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 9% per year if the stock closes at or above its coupon barrier price, 65% of its initial price, on the observation date for that quarter.
The notes will be called at par if the stock closes at or above its initial share price on any quarterly observation date after six months.
If the notes are not called, the payout at maturity will be par unless the stock finishes below its 65% trigger price, in which case investors will be fully exposed to the decline.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Autocallable contingent coupon barrier notes
|
| Underlying stock: | CrowdStrike Holdings, Inc.
|
| Amount: | $622,000
|
| Maturity: | May 22, 2024
|
| Coupon: | 9% annual rate, payable quarterly if stock closes at or above trigger price on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless stock finishes below trigger price, in which case full exposure to decline
|
| Call: | At par if stock closes at or above initial share price on any quarterly observation date after six months
|
| Initial share price: | $188.53
|
| Coupon barrier price: | $122.54; 65% of initial share price
|
| Trigger price: | $122.54; 65% of initial share price
|
| Pricing date: | May 17
|
| Settlement date: | May 20
|
| Underwriter: | RBC Capital Markets, LLC
|
| Fees: | 2.25%
|
| Cusip: | 78016EF85
|
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