By Wendy Van Sickle
Columbus, Ohio, Aug. 12 – Royal Bank of Canada priced $4.22 million issuer callable contingent coupon barrier notes due June 20, 2024 tied to the shares of Wynn Resorts, Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 8% if the stock closes above its 65% coupon barrier on the corresponding observation date.
The notes may be called at par plus any coupon due at the option of the issuer on any quarterly coupon payment date after six months.
Investors will receive par plus the contingent coupon if the final level of the stock is above its 65% trigger level.
Otherwise, investors will be fully exposed to the loss.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Issuer callable contingent coupon barrier notes
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| Underlying stock: | Wynn Resorts, Ltd.
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| Amount: | $4,219,000
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| Maturity: | June 20, 2024
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| Coupon: | 8% per year, paid quarterly if stock closes above coupon barrier on the related observation date
|
| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless stock closes below trigger level, in which case full exposure to losses of stock
|
| Call option: | At par plus any coupon due at the option of the issuer on any quarterly coupon payment date after six months
|
| Initial price: | $125.40
|
| Coupon barrier level: | $81.51; 65% of initial level
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| Trigger level: | $81.51; 65% of initial level
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| Pricing date: | June 15
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| Settlement date: | June 18
|
| Agent: | RBC Capital Markets, LLC
|
| Fees: | 2.25%
|
| Cusip: | 78016E5L7
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