Chicago, April 19 – Royal Bank of Canada priced $900,000 of autocallable contingent coupon barrier notes with memory coupon due Jan. 22, 2027 linked to the lesser performing of the stocks of Edwards Lifesciences Corp. and Medtronic plc, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 10.25% per year if the each stock closes at or above its coupon barrier level, 70% of its initial price, on the observation date for that quarter. Previously unpaid coupons will also be paid.
The notes will be called at par if each stock closes at or above its initial level on any quarterly observation date after one year.
If the notes are not called, the payout at maturity will be par unless either stock finishes below its 70% 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
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Issue: | Autocallable contingent coupon barrier notes with memory coupon
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Underlying stocks: | Edwards Lifesciences Corp. and Medtronic plc
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Amount: | $900,000
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Maturity: | Jan. 22, 2027
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Coupon: | 10.25% annual rate, payable quarterly if each stock closes at or above coupon barrier level on observation date for that quarter; previously unpaid coupons will also be paid
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Price: | Par
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Payout at maturity: | Par unless either stock finishes below trigger price, in which case full exposure to decline
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Call: | At par if each stock closes at or above initial share price on any quarterly observation date after one year
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Initial share prices: | $74.31 for Edwards, $86.49 for Medtronic
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Coupon barrier levels: | $52.02 for Edwards, $60.54 for Medtronic; 70% of initial share prices
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Trigger levels: | $52.02 for Edwards, $60.54 for Medtronic; 70% of initial share prices
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Pricing date: | Jan. 19
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Settlement date: | Jan. 24
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Underwriter: | RBC Capital Markets, LLC
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Fees: | 2.85%
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Cusip: | 78017FCM3
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