By Wendy Van Sickle
Columbus, Ohio, Jan. 16 – Royal Bank of Canada priced $1.17 million of autocallable contingent coupon barrier notes due Jan. 20, 2023 linked to the least performing of the common stocks of Boeing Co. and General Electric Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annual rate of 8.75% if both stocks close at or above their coupon barriers, 55% of their initial prices, on the observation date for that quarter.
The notes will be called at par plus the coupon if each stock closes at or above its initial price on any quarterly call observation date after six months.
The payout at maturity will be par plus the final coupon unless either stock finishes below its 55% trigger price, in which case investors will lose 1% for each 1% that the least-performing stock’s final price is less than its initial price.
RBC Capital Markets, LLC is the agent.
Issuer: | Royal Bank of Canada
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Issue: | Autocallable contingent coupon barrier notes
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Underlying stocks: | Boeing Co. and General Electric Co.
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Amount: | $1,166,000
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Maturity: | Jan. 20, 2023
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Coupon: | 8.75%, payable quarterly if each stock closes at or above coupon barrier on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless either stock finishes below trigger price, in which case par plus return of the least-performing stock
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Call: | Automatically at par if each stock closes at or above initial price on any quarterly call observation date after six months
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Initial prices: | $329.80 for Boeing, $11.87 for General Electric
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Coupon barriers/trigger prices: | $181.39 for Boeing, $6.53 for General Electric; 55% of initial prices
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Pricing date: | Jan. 15
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Settlement date: | Jan. 21
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Agent: | RBC Capital Markets, LLC
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Fees: | 2.25%
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Cusip: | 78015KMN1
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