New Issue: RBC sells $280,000 contingent coupon barrier autocallables tied to Square

By Wendy Van Sickle

Columbus, Ohio, May 3 – Royal Bank of Canada priced $280,000 of autocallable contingent coupon barrier notes due April 29, 2021 linked to Square, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 9.75% if the stock closes at or above its 50% coupon barrier on the related quarterly observation date.

The notes will be called at par if the stock closes at or above its initial price on any quarterly observation date after six months.

The payout at maturity will be par unless the stock finishes below its 50% 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
Issue:	Autocallable contingent coupon barrier notes
Underlying stock:	Square, Inc.
Amount:	$280,000
Maturity:	April 29, 2021
Coupon:	9.75%, payable each quarter stock closes at or above coupon barrier on observation date for that quarter
Price:	Par
Payout at maturity:	Par unless stock finishes below trigger price, in which case full exposure to losses
Call:	At par if stock closes at or above initial price on any quarterly review date after six months
Initial price:	$46.74
Coupon barrier:	$23.37, 50% of initial price
Trigger price:	$23.37, 50% of initial price
Pricing date:	April 26
Settlement date:	April 30
Agent:	RBC Capital Markets, LLC
Fees:	2.25%
Cusip:	78013XLJ5

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