By Angela McDaniels
Tacoma, Wash., March 27 – Royal Bank of Canada priced $325,000 of autocallable contingent coupon barrier notes due March 28, 2019 linked to the common stock of Morgan Stanley, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 9.1% per year if the stock closes at or above its trigger price, 75% of its initial price, on the observation date for that quarter.
Beginning Sept. 25, the notes will be called at par if the stock closes at or above its initial share price on any quarterly observation date.
The payout at maturity will be par unless the stock finishes below its trigger price, in which case investors will receive a number of Morgan Stanley shares equal to $1,000 divided by the initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Autocallable contingent coupon barrier notes
|
| Underlying stock: | Morgan Stanley (Symbol: MS)
|
| Amount: | $325,000
|
| Maturity: | March 28, 2019
|
| Coupon: | 9.1%, 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 23.55 Morgan Stanley shares or, at issuer’s option, amount in cash equal to value of those shares
|
| Call: | Beginning Sept. 25, at par if stock closes at or above initial share price on any quarterly observation date
|
| Initial share price: | $42.46
|
| Trigger price: | $31.85, or 75% of initial share price
|
| Pricing date: | March 24
|
| Settlement date: | March 29
|
| Underwriter: | RBC Capital Markets, LLC
|
| Fees: | 1.75%
|
| Cusip: | 78013GCZ6
|
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