RBC to price contingent coupon barrier autocalls tied to BofA

By Sarah Lizee

Olympia, Wash., Aug. 26 – Royal Bank of Canada plans to price autocallable contingent coupon barrier notes due Aug. 31, 2023 linked to the common stock of Bank of America Corp., according to a 424B2 filing with the Securities and Exchange Commission.

Each quarter, the notes pay a contingent coupon at the rate of 9% to 10% per year if the stock closes at or above its coupon barrier, 70% of its initial price, on the observation date for that quarter.

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

The payout at maturity will be par unless the stock finishes below its trigger price, 70% of its initial price, in which case investors will lose 1% for every 1% that the shares decline from the initial share price.

RBC Capital Markets, LLC is the underwriter.

The notes will price on Aug. 27.

The Cusip number is 78015KSM7.

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