By Kiku Steinfeld
Chicago, July 21 – Royal Bank of Canada priced $1.59 million of autocallable contingent coupon barrier notes due July 20, 2023 linked to the common stock of 3M Co., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 8.6% per year if the stock closes at or above its trigger price, 70% of its initial price, on the observation date for that quarter.
Beginning Jan. 15, 2021, 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 lose 1% for every 1% that 3M shares decline from the initial share price.
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: | 3M Co.
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Amount: | $1,584,000
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Maturity: | July 20, 2023
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Coupon: | 8.6%, 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 1% for every 1% that 3M shares decline from initial share price.
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Call: | Beginning Jan. 15, 2021, at par if stock closes at or above initial share price on any quarterly observation date
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Initial share price: | $158.63
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Trigger price: | $111.53, 70% of initial share price
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Pricing date: | July 15
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Settlement date: | July 20
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Underwriter: | RBC Capital Markets, LLC
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Fees: | 2.25%
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Cusip: | 78015KZB3
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