By Angela McDaniels
Tacoma, Wash., July 8 – Royal Bank of Canada priced $2.1 million of autocallable contingent coupon barrier notes with memory coupon due July 2, 2020 linked to the lesser performing of the common stocks of AT&T Inc. and Verizon Communications Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If each stock closes at or above its trigger price, 78% of its initial share price, on a quarterly observation date, the notes pay a contingent coupon that quarter at the rate of 9% per year plus any contingent coupons that were not previously paid.
The notes will be automatically called at par if each stock closes at or above its initial share price on any quarterly observation date.
The payout at maturity will be par unless the lesser-performing stock finishes below its trigger price, in which case investors will receive a number of shares of the lesser-performing stock equal to $1,000 divided by the initial share price of that stock.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Autocallable contingent coupon barrier notes with memory coupon
|
| Underlying stocks: | AT&T Inc. (Symbol: T) and Verizon Communications Inc. (Symbol: VZ)
|
| Amount: | $2,101,000
|
| Maturity: | July 2, 2020
|
| Coupon: | If each stock closes at or above trigger price on quarterly observation date, notes pay contingent coupon that quarter at rate of 9% per year plus any contingent coupons that were not previously paid
|
| Price: | Par
|
| Payout at maturity: | Par unless lesser-performing stock finishes below trigger price, in which case number of shares of lesser-performing stock equal to $1,000 divided by initial share price of that stock
|
| Call: | Automatically at par if each stock closes at or above initial share price on any quarterly observation date
|
| Initial share prices: | $32.98 for AT&T and $57.25 for Verizon
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| Trigger prices: | $25.72 for AT&T and $44.66 for Verizon; 78% of initial share prices
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| Pricing date: | June 27
|
| Settlement date: | July 2
|
| Underwriter: | RBC Capital Markets, LLC
|
| Fees: | 2%
|
| Cusip: | 78013GHL2
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