By Kiku Steinfeld
Chicago, July 11 – Royal Bank of Canada priced $700,000 issuer callable contingent coupon barrier notes due Dec. 29, 2023 tied to the shares of Hess Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 13% if the stock closes above its 65% coupon barrier on any observation date for that period.
The notes may be called at par plus any coupon due at the option of the issuer on any quarterly coupon payment date.
Investors will receive par plus the contingent coupon if the final level of the stock is above its 65% trigger level.
Otherwise, investors will be fully exposed to the losses of the stock.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
|
| Issue: | Issuer callable contingent coupon barrier notes
|
| Underlying stock: | Hess Corp.
|
| Amount: | $700,000
|
| Maturity: | Dec. 29, 2023
|
| Coupon: | 13% per year, paid quarterly if stock closes above coupon barrier on related observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon unless stock finishes below trigger level, in which case full exposure to losses of stock
|
| Call option: | At par plus any coupon due at the option of the issuer on any quarterly coupon payment date
|
| Initial price: | $73.49
|
| Coupon barrier level: | $47.77, 65% of initial level
|
| Trigger level: | $47.77, 65% of initial level
|
| Pricing date: | Dec. 23
|
| Settlement date: | Dec. 29
|
| Agent: | RBC Capital Markets, LLC
|
| Fees: | 1%
|
| Cusip: | 78016FBG8
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
