By William Gullotti
Buffalo, N.Y., Jan. 9 – Royal Bank of Canada priced $1.15 million issuer callable fixed coupon barrier notes due Jan. 2, 2026 tied to the shares of SPDR S&P Regional Banking ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly fixed coupon at an annual rate of 8%.
The notes may be called at par plus the coupon at the option of the issuer on any quarterly coupon payment date.
Investors will receive par plus the fixed coupon if the final level of the ETF is greater than or equal to its 60% trigger level.
Otherwise, investors will receive a number of shares per note equal to $1,000 divided by the ETF’s initial price or, at the issuer’s option, the cash equivalent.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
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| Issue: | Issuer callable fixed coupon barrier notes
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| Underlying fund: | SPDR S&P Regional Banking ETF
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| Amount: | $1,152,000
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| Maturity: | Jan. 2, 2026
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| Coupon: | 8% per year, paid quarterly
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| Price: | Par
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| Payout at maturity: | Par plus fixed coupon unless ETF closes below trigger level, in which case receive 18.78 shares per note or, at the issuer’s option, the cash equivalent
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| Call option: | At par plus fixed coupon on any quarterly coupon payment date
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| Initial price: | $53.26
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| Coupon barrier level: | $31.96; 60% of initial level
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| Trigger level: | $31.96; 60% of initial level
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| Pricing date: | Dec. 28
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| Settlement date: | Jan. 3
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 1.75%
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| Cusip: | 78015QGY1
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