By Wendy Van Sickle
Columbus, Ohio, July 1 – Royal Bank of Canada priced $2.35 million of autocallable contingent coupon barrier notes due June 26, 2023 linked to the common stock of Caesars Entertainment, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 11% 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 receive 9.63 shares of the stock or the cash equivalent.
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 stock: | Caesars Entertainment, Inc.
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Amount: | $2,348,000
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Maturity: | June 26, 2023
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Coupon: | 11% annual rate, payable quarterly if 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 stock finishes below trigger price, in which case 9.63 shares or cash equivalent
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Call: | At par if stock closes at or above initial share price on any quarterly observation date after six months
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Initial share price: | $103.82
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Coupon barrier price: | $67.48; 65% of initial share price
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Trigger price: | $67.48; 65% of initial share price
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Pricing date: | June 21
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Settlement date: | June 24
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Underwriter: | RBC Capital Markets, LLC
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Fees: | 1.75%
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Cusip: | 78013GS97
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