New Issue: RBC sells $655,000 14% barrier income notes linked to three stocks

By Wendy Van Sickle

Columbus, Ohio, July 24 – Royal Bank of Canada priced $655,000 of 14% barrier income notes due July 17, 2025 linked to the performance of the Occidental Petroleum Corp., United Airlines Holdings, Inc. and Alphabet Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Coupon will be payable monthly.

Investors will receive par plus the final coupon if the least performing stock finishes at or above its 60% barrier level.

Otherwise, investors will lose 1% for every 1% that the worst performing stock declines from initial level.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Barrier income notes
Underlying funds:	Alphabet Inc., United Airlines Holdings, Inc., Occidental Petroleum Corp.
Amount:	$655,000
Maturity:	July 17, 2025
Coupon:	14% per year, payable monthly
Price:	Par
Payout at maturity:	Par plus final coupon if each stock finishes at or above barrier level; otherwise, full exposure to losses of worst performer
Initial levels:	$61.32 for Occidental Petroleum, $55.40 for United, $118.93 for Alphabet
Barrier levels:	$36.79 for Occidental Petroleum, $33.24 for United, $71.36 for Alphabet; 60% of initial levels
Pricing date:	July 12
Settlement date:	July 17
Agent:	RBC Capital Markets, LLC
Fees:	1%
Cusip:	78016NNL7

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