By Susanna Moon
Chicago, Sept. 26 – Royal Bank of Canada priced $3.09 million of callable contingent coupon barrier notes due Sept. 24, 2020 linked to Kraft Heinz Co. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annual rate of 9.1% if the stock closes at or above its 80% coupon barrier on the observation date for that quarter.
The notes are callable at par on any interest payment date other than the final date.
The payout at maturity will be par unless the stock finishes below its 80% trigger level, 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: | Callable contingent coupon barrier notes
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| Underlying asset: | Kraft Heinz Co. (Symbol: KHC)
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| Amount: | $3,086,000
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| Maturity: | Sept. 24, 2020
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| Coupon: | 9.1% annualized, 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 80% trigger, in which case 1% loss per 1% decline
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| Call option: | At par on any interest payment date other than final date
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| Initial level: | $57.57
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| Barrier level: | $46.06, 80% of initial level
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| Pricing date: | Sept. 20
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| Settlement date: | Sept. 25
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 1%
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| Cusip: | 78013GGX7
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