By Kiku Steinfeld
Chicago, Oct. 13 – Royal Bank of Canada priced $1 million of autocallable contingent coupon barrier notes due Feb. 23, 2023 linked to the common stock of ConocoPhillips, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annual rate of 11.45% if the stock closes at or above its coupon barrier price, 65% of its initial price, on the corresponding observation date.
The notes will be called at par plus coupon if the stock closes at or above its initial share price on any quarterly observation date.
If the notes are not called, the payout at maturity will be par plus the final coupon unless the stock finishes below its 65% trigger price, in which case investors will receive shares equal to $1,000 divided by the stock’s initial share price or the cash equivalent at the issuer’s option.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
|
| Issue: | Autocallable contingent coupon barrier notes
|
| Underlying stock: | ConocoPhillips
|
| Amount: | $1 million
|
| Maturity: | Feb. 23, 2023
|
| Coupon: | 11.45% annual rate, payable quarterly if stock closes at or above trigger price on the corresponding observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus the final coupon unless stock finishes below trigger price, in which case investors will receive 10.97 shares per note or the cash equivalent at the issuer’s option
|
| Call: | At par plus coupon if stock closes at or above initial share price on any quarterly observation date
|
| Initial share price: | $91.16
|
| Coupon barrier price: | $59.25; 65% of initial share price
|
| Trigger price: | $59.25; 65% of initial share price
|
| Pricing date: | Feb. 17
|
| Settlement date: | Feb. 23
|
| Agent: | RBC Capital Markets, LLC
|
| Fees: | 1.25%
|
| Cusip: | 78015QAD3
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
