By Sarah Lizee
Olympia, Wash., Dec. 17 – Royal Bank of Canada priced $1 million of autocallable contingent coupon barrier notes due Dec. 17, 2020 linked to lesser performing of the SPDR S&P Biotech exchange-traded fund and the Technology Select Sector SPDR Fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.5% if each underlying fund closes at or above its 60% coupon barrier on any determination date for that quarter.
The notes will be called at par if each fund closes at or above its initial price on any coupon payment date.
The payout at maturity will be par plus the contingent coupon unless either fund finishes below the 60% trigger price, in which case investors will be fully exposed to any losses of the lesser-performing fund.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
|
| Issue: | Autocallable contingent coupon barrier notes
|
| Underlying funds: | SPDR S&P Biotech exchange-traded fund and Technology Select Sector SPDR Fund
|
| Amount: | $1 million
|
| Maturity: | Dec. 17, 2020
|
| Coupon: | 9.5%, payable quarterly if each fund closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par of $1,000
|
| Payout at maturity: | Par plus contingent coupon unless either fund finishes below trigger price, in which case par plus return of the lesser-performing fund
|
| Call: | At par if each fund closes above initial price on any quarterly observation date
|
| Initial prices: | $76.79 for SPDR S&P Biotech and $64.57 for Technology Select
|
| Coupon barrier/triggers: | $46.07 for SPDR S&P Biotech and $38.74 for Technology Select; 60% of initial prices
|
| Pricing date: | Dec. 14
|
| Settlement date: | Dec. 19
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 2.25%
|
| Cusip: | 78013XUA4
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