By Wendy Van Sickle
Columbus, Ohio, March 7 – Royal Bank of Canada priced $4.96 million of 0% trigger absolute return autocallable notes due March 6, 2025 linked to Levi Strauss & Co. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par of $10 plus an annualized call premium of 15% if the stock closes at or above its initial share price on any quarterly observation date.
If the stock finishes at or above its 60% downside threshold, the payout will be par plus the absolute value of the return.
Otherwise, investors will be fully exposed to the stock’s decline from its initial share price.
RBC Capital Markets LLC is the agent and UBS Financial Services Inc. is handling distribution.
| Issuer: | Royal Bank of Canada
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| Issue: | Trigger absolute return autocallable notes
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| Underlying stock: | Levi Strauss & Co.
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| Amount: | $4.69 million
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| Maturity: | March 6, 2025
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| Coupon: | 0%
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| Price: | Par of $10
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| Payout at maturity: | If stock finishes at or above downside threshold, par plus absolute return; otherwise, full exposure to share price decline from initial price
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| Call: | At par plus 15% per year if shares close at or above initial share price on any quarterly observation date
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| Initial share price: | $17.70
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| Downside threshold: | $10.62; 60% of initial price
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| Pricing date: | March 2
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| Settlement date: | March 7
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| Agent: | RBC Capital Markets, LLC with UBS Financial Services Inc. handling distribution
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| Fees: | 1.5%
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| Cusip: | 78016M174
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