By Wendy Van Sickle
Columbus, Ohio, April 15 – Royal Bank of Canada priced $1 million of 8% autocallable fixed-coupon barrier notes due April 3, 2023 linked to the of the common stock of Discover Financial Services, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes will be called at par if the stock closes at or above its initial level on any quarterly observation date after one year.
The payout will be par unless the stock has finished below its 70% barrier level, in which case investors will lose 1% for each 1% decline of the stock from its initial level.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
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| Issue: | Autocallable fixed-coupon barrier notes
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| Underlying stocks: | Discover Financial Services
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| Amount: | $1 million
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| Maturity: | April 3, 2023
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| Coupon: | 8%, payable quarterly
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| Price: | Par
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| Payout at maturity: | Par unless stock has finished below barrier level, in which case investors will lose 1% for each 1% decline of least-performing stock from its initial level
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| Call: | At par if stock closes at or above initial level on any quarterly observation date after one year
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| Initial stock level: | $94.08
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| Barrier level: | $65.86; 70% of initial level
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| Pricing date: | March 29
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| Settlement date: | April 1
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 1.75%
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| Cusip: | 78013GL45
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