By Susanna Moon
Chicago, April 18 – Royal Bank of Canada priced $1.5 million of autocallable contingent coupon barrier notes due April 17, 2019 linked to Devon Energy Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annual rate of 13.7% if the stock closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes will be called at par if the stock closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par unless the stock finishes below its 70% trigger level, in which case investors will be fully exposed to any losses.
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: | Devon Energy Corp. (Symbol: DVN)
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| Amount: | $1.5 million
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| Maturity: | April 17, 2019
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| Coupon: | 13.7% annualized, payable quarterly if stock closes at or above 70% coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless stock finishes below 70% trigger, in which case 1% loss per 1% decline
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| Call: | At par if stock closes at or above initial level on any quarterly observation date beginning Oct. 11, 2018
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| Initial level: | $32.83
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| Trigger level: | $22.98, 70% of initial level
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| Pricing date: | April 12
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| Settlement date: | April 17
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 1.25%
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| Cusip: | 78013XLE6
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