By Susanna Moon
Chicago, Feb. 24 – Royal Bank of Canada priced $2.23 million of autocallable contingent coupon barrier notes due Feb. 22, 2019 linked to Bank of America Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annual rate of 10% if the stock closes at or above the 80% coupon barrier on the observation date for that quarter.
The notes will be called at par if the shares close at or above their initial level on any observation date.
The payout at maturity will be par unless the stock finishes below its 80% trigger level, in which case investors will receive a number of Bank of America shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
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| Issue: | Autocallable contingent coupon barrier notes
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| Underlying stock: | Bank of America Corp. (Symbol: BAC)
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| Amount: | $2,227,000
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| Maturity: | Feb. 22, 2019
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| Coupon: | 10% per year, payable quarterly if stock closes at or above 80% coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless stock finishes below trigger level, in which case Bank of America shares
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| Call: | At par if shares close at or above initial level on any quarterly observation date beginning Aug. 17, 2017
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| Initial share price: | $24.52
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| Trigger price: | $19.62, 80% of initial share price
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| Pricing date: | Feb. 17
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| Settlement date: | Feb. 23
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| Underwriter: | RBC Capital Markets, LLC
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| Fees: | 1.75%
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| Cusip: | 78013GCF0
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