By Susanna Moon
Chicago, Nov. 22 – Royal Bank of Canada priced $583,000 of callable contingent coupon barrier notes due Nov. 21, 2019 linked to Apple Inc. shares, according to an FWP filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8% if the stock closes at or above its coupon barrier level, 75% of its initial level, on the observation date for that quarter.
The notes are callable at par on any interest payment date after one year.
The payout at maturity will be par unless the stock finishes below its 75% barrier 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: | Callable contingent coupon barrier notes
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| Underlying stock: | Apple Inc. (Symbol: AAPL)
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| Amount: | $583,000
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| Maturity: | Nov. 21, 2019
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| Coupon: | 8%, payable quarterly if stock closes at or above barrier level on observation date for that quarter
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| Price: | Par
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| Call option: | At par on any interest payment date beginning Nov. 20, 2017
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| Payout at maturity: | Par unless stock finishes below barrier level, in which case 1% loss for each 1% decline
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| Initial level: | $110.06
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| Barrier level: | $82.55, 75% of initial level
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| Pricing date: | Nov. 18
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| Settlement date: | Nov. 23
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| Underwriter: | RBC Capital Markets, LLC
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| Fees: | 2.25%
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| Cusip: | 78012KVE4
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