By Kiku Steinfeld
Chicago, July 23 – Royal Bank of Canada priced $7.05 million of autocallable contingent coupon barrier notes due June 3, 2022 linked to the common stock of ConocoPhillips, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 12.5% 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 plus the coupon if the stock closes above its initial share price on any quarterly call observation date.
The payout at maturity will be par unless the stock finishes below its 75% knock-in level, in which case investors will receive a number of shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.
RBC Capital Markets, LLC is the agent.
Issuer: | Royal Bank of Canada
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Issue: | Autocallable contingent coupon barrier notes
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Underlying stock: | ConocoPhillips
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Amount: | $7,045,000
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Maturity: | June 3, 2022
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Coupon: | 12.5%, payable each quarter that 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 its knock-in level, in which 17.94 shares or cash
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Call: | Automatically at par plus coupon if stock closes at or above initial share price on any quarterly call observation date
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Initial price: | $55.74
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Coupon barrier: | $41.81, 75% of initial price
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Knock-in level: | $41.81, 75% of initial price
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Pricing date: | May 28
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Settlement date: | June 3
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Agent: | RBC Capital Markets, LLC
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Fees: | 1.25%
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Cusip: | 78013GQ24
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