By Devika Patel
Knoxville, Tenn., Dec. 23 – Royal Bank of Canada priced $965,000 of autocallable contingent coupon barrier notes due Dec. 16, 2022 linked to the stocks of Dow Inc. and 3M Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10.75% if each stock closes at or above its trigger level, 65% of its initial share price, on the observation date for that quarter.
The notes will be called at par plus the coupon if each stock closes at or above its initial price on any quarterly observation date beginning June 15, 2020.
The payout at maturity will be par plus the coupon unless either stock finishes below its trigger level, in which case investors will lose 1% for each 1% decline of the worst-performing stock from its initial share price.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Autocallable contingent coupon barrier notes
|
| Underlying stocks: | Dow Inc. (Symbol: DOW) and 3M Co. (Symbol: MMM)
|
| Amount: | $965,000
|
| Maturity: | Dec. 16, 2022
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| Coupon: | 10.75%, payable quarterly if each stock closes at or above trigger level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus coupon unless either stock finishes below trigger level, in which case 1% loss for each 1% decline of worst-performing stock from initial share price
|
| Call: | Automatically at par plus coupon if each stock closes at or above initial price on any quarterly observation date beginning June 15, 2020
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| Initial share prices: | $53.28 for Dow and $168.79 for 3M
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| Trigger levels: | $34.63 for Dow and $109.71 for 3M, 65% of initial share prices
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| Pricing date: | Dec. 13
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| Settlement date: | Dec. 18
|
| Agents: | RBC Capital Markets, LLC
|
| Fees: | 2.25%
|
| Cusip: | 78013XEH7
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