By Kiku Steinfeld
Chicago, Nov. 22 – Royal Bank of Canada priced $1.16 million of phoenix autocallable notes with memory coupon due April 5, 2023 linked to Intel Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
If the stock closes at or above the barrier level, 68.1% of the initial level, on a quarterly observation date, the notes will pay a contingent coupon for that quarter at an annualized rate of 12%, plus any previously unpaid contingent interest payments.
The notes will be called at par if the shares close at or above the initial share price on any observation date other than the final date.
The payout at maturity will be par plus the final coupon and any previously unpaid coupons unless the stock finishes below the 68.1% trigger level, in which case investors will be exposed to the decline of the stock.
RBC Capital Markets, LLC, JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are the agents.
| Issuer: | Royal Bank of Canada
|
| Issue: | Phoenix autocallable notes with memory coupon
|
| Underlying stock: | Intel Corp.
|
| Amount: | $1,155,000
|
| Maturity: | April 5, 2023
|
| Coupon: | 12% annualized, plus any previously unpaid coupons, if stock closes at or above barrier level on quarterly observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon and previously unpaid coupons if stock finishes at or above trigger level; otherwise, investors will be exposed to the decline of the stock
|
| Call: | At par plus contingent coupon and previously unpaid coupons if stock closes at or above initial level on a quarterly observation date
|
| Initial price: | $47.45
|
| Barrier/trigger price: | $32.31, 68.1% of initial price
|
| Pricing date: | March 18
|
| Settlement date: | March 23
|
| Agents: | RBC Capital Markets, LLC, JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
|
| Fees: | 1%
|
| Cusip: | 78016FGH1
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