By Wendy Van Sickle
Columbus, Ohio, June 6 – Royal Bank of Canada priced $1.3 million of autocallable contingent coupon barrier notes due May 29, 2020 linked to the common stocks of Cisco Systems, Inc. and International Business Machines Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 11% if each stock closes at or above its 75% coupon barrier on the observation date for that quarter.
The notes will be automatically called at par if each stock closes at or above its initial price on any observation date.
The payout at maturity will be par unless either stock finishes below the 75% trigger level, in which case investors will receive shares of the worse performing stock reflecting the stock’s loss form its initial level.
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 stocks: | Cisco Systems, Inc. and International Business Machines Corp.
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Amount: | $1,303,000
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Maturity: | May 29, 2020
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Coupon: | 11%, payable quarterly if each stock closes at or above 75% coupon barrier on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless either stock finishes below trigger level, in which case shares reflecting 1% loss for each 1% decline of worse performing stock
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Call: | At par if each stock closes at or above initial price on any observation date
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Initial levels: | $31.44 for Cisco, $153.20 for IBM
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Trigger levels/coupon barriers: | $23.58 for Cisco, $114.90 for IBM; 75% of initial levels
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Pricing date: | May 25
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Settlement date: | May 31
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Agents: | RBC Capital Markets, LLC
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Fees: | 2.25%
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Cusip: | 78013GEC5
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