By Wendy Van Sickle
Columbus, Ohio, Dec. 11 – Royal Bank of Canada priced $3.84 million of autocallable contingent coupon barrier notes due Nov. 30, 2023 linked to the common stock of Discover Financial Services, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 11.85% if the stock closes at or above its 60% coupon barrier on the observation date for that quarter.
The notes will be automatically called at par plus the coupon if the stock closes above its initial share price on any quarterly call observation date starting May 25, 2021.
The payout at maturity will be par unless the stock finishes below its 60% knock-in level, in which case investors will be fully exposed to the loss.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
|
| Issue: | Autocallable contingent coupon barrier notes
|
| Underlying stock: | Discover Financial Services
|
| Amount: | $3.84 million
|
| Maturity: | Nov. 30, 2023
|
| Coupon: | 11.85%, payable each quarter that stock closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless stock finishes below its knock-in level, in which case full exposure to loss
|
| Call: | Automatically at par plus coupon if stock closes at or above initial share price on any quarterly call observation date starting May 25, 2021
|
| Initial price: | $79.29
|
| Coupon barrier: | $47.57, 60% of initial price
|
| Knock-in level: | $47.57, 60% of initial price
|
| Pricing date: | Nov. 25
|
| Settlement date: | Nov. 30
|
| Agent: | RBC Capital Markets, LLC
|
| Fees: | 1.25%
|
| Cusip: | 78016EQF7
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
