By Wendy Van Sickle
Columbus, Ohio, Sept. 29 – Royal Bank of Canada priced $1.52 million issuer callable contingent coupon barrier notes due July 12, 2023 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 11.5% if the stock closes above its 70% 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 70% trigger level.
Otherwise, investors will receive a number of shares equal to $1,000 divided by the stock’s initial share price or the cash equivalent at the issuer’s option.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
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| Issue: | Issuer callable contingent coupon barrier notes
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| Underlying stock: | Wynn Resorts Ltd.
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| Amount: | $1,518,000
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| Maturity: | July 12, 2023
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| Coupon: | 11.5% 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, payable either as 8.86 shares per note or cash at the issuer’s option
|
| Call option: | At par plus any coupon due at the option of the issuer on any quarterly coupon payment date after six months
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| Initial price: | $112.91
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| Coupon barrier level: | $79.04; 70% of initial level
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| Trigger level: | $79.04; 70% of initial level
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| Pricing date: | July 7
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| Settlement date: | July 12
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 1.75%
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| Cusip: | 78013GU60
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