By Wendy Van Sickle
Columbus, Ohio, April 15 – Royal Bank of Canada priced $281,000 of autocallable contingent coupon barrier notes due April 3, 2024 linked to the common stock of Darden Restaurants, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at the rate of 8% per year if the stock closes at or above its trigger price, 65% of its initial price, on the observation date for that quarter.
The notes will be called at par if the stock closes at or above its initial share price on any quarterly observation date after six months.
If the notes are not called, the payout at maturity will be par unless the stock finishes below its 65% trigger price, in which case investors will have full exposure to the decline.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
|
| Issue: | Autocallable contingent coupon barrier notes
|
| Underlying stock: | Darden Restaurants, Inc.
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| Amount: | $281,000
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| Maturity: | April 3, 2024
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| Coupon: | 8%, payable quarterly if stock closes at or above trigger price on observation date for that quarter
|
| Price: | Par
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| Payout at maturity: | Par unless stock finishes below trigger price, in which case full exposure to loss
|
| Call: | At par if stock closes at or above initial share price on any quarterly observation date after six months
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| Initial share price: | $143.72
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| Trigger price: | $93.42, 65% of initial share price
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| Pricing date: | March 29
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| Settlement date: | March 31
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| Agent: | RBC Capital Markets, LLC
|
| Fees: | 2.25%
|
| Cusip: | 78016EPQ4
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