RBC delays pricing of contingent coupon autocalls tied to U.S. Steel

By Susanna Moon

Chicago, Aug. 22 – Royal Bank of Canada pushed back pricing of its autocallable contingent coupon barrier notes originally due Aug. 27, 2021 linked to United States Steel Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will now price on Aug. 29 rather than Aug. 24. The notes will mature on Sept. 2, 2021.

As previously announced, the notes pay a contingent quarterly coupon at an annual rate of 10.5% to 11.5% if the underlying stock closes at or above its 65% coupon barrier on the observation date for that quarter.

The notes will be called at par if the stock closes at or above its initial level on any quarterly observation date after six months.

The payout at maturity will be par unless the stock finishes below its 65% trigger level, in which case investors will be fully exposed to any losses.

RBC Capital Markets, LLC is the underwriter.

The Cusip number is 78013XA65.

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