Chicago, July 28 – Royal Bank of Canada priced $150,000 of autocallable contingent coupon barrier notes due July 24, 2026 linked to the common stock of General Motors Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annual rate of 11.25% if the stock closes at or above its coupon barrier price, 70% of its initial price, on the corresponding observation date.
The notes will be called at par plus the coupon if the stock closes at or above its initial share price on any quarterly observation date.
If the notes are not called, the payout at maturity will be par plus the final coupon unless the stock finishes below its 70% trigger price, in which case investors will be exposed to the decline of GM stock 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: | General Motors Co.
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| Amount: | $150,000
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| Maturity: | July 24, 2026
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| Coupon: | 11.25% annual rate, payable quarterly if stock closes at or above coupon barrier price on the corresponding observation date
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| Price: | Par
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| Payout at maturity: | Par plus final coupon unless stock finishes below trigger price, in which case exposure to stock’s decline
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| Call: | At par plus coupon if stock closes at or above initial share price on any quarterly observation date
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| Initial share price: | $38.55
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| Coupon barrier price: | $26.99, or 70% of initial share price
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| Trigger price: | $26.99, or 70% of initial share price
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| Pricing date: | July 21
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| Settlement date: | July 26
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| Underwriter: | RBC Capital Markets, LLC
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| Fees: | 2%
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| Cusip: | 78016NPE1
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