By Wendy Van Sickle
Columbus, Ohio, June 27 – Royal Bank of Canada priced $2.38 million of autocallable contingent coupon barrier notes due June 26, 2019 linked to Alibaba Group Holding Ltd. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10.65% if the stock closes at or above its 75% coupon barrier on the observation date for that quarter.
The notes will be automatically called at par if the stock closes its initial level on any quarterly observation date.
The payout at maturity will be par unless the stock finishes below its 75% 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.
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Amount: | $2,382,000
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Maturity: | June 26, 2019
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Coupon: | 10.65%, payable quarterly if stock closes at or above 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 price, in which case shares equal to $1,000 divided by the initial share price
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Call: | At par if stock closes above initial level on any quarterly review date
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Initial level: | $202.11
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Trigger price/coupon barrier: | $151.58, 75% of initial level
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Pricing date: | June 21
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Settlement date: | June 26
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Agent: | RBC Capital Markets, LLC
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Fees: | 1.25%
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Cusip: | 78013XMY1
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