By Tali Rackner
Minneapolis, Dec. 11 – Royal Bank of Canada priced $385,000 million of autocallable contingent coupon barrier notes due Nov. 27, 2020 linked to the American Depositary Receipts of Alibaba Group Holding Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8.3% if the stock closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes will be called at par if the stock closes its initial price on any quarterly observation date after six months.
The payout at maturity will be par plus contingent coupon unless the stock finishes below its 70% trigger price, in which case investors will be fully exposed to any losses.
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: | Alibaba Group Holding Ltd. (Symbol: BABA)
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| Amount: | $385,000
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| Maturity: | Nov. 27, 2020
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| Coupon: | 8.3%, payable quarterly if stock closes at or above 70% coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par plus contingent coupon unless stock finishes below 70% trigger price, in which case full exposure to any losses
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| Call: | At par if stock closes above initial price on any quarterly review date beginning May 22, 2018
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| Initial price: | $189.84
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| Trigger price/coupon barrier: | $132.89, 70% of initial price
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| Pricing date: | Nov. 22
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| Settlement date: | Nov. 28
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| Underwriter: | RBC Capital Markets, LLC
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| Fees: | 2.25%
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| Cusip: | 78013XAR9
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