New Issue: RBC sells $1.1 million contingent coupon barrier autocallables on Square

By Wendy Van Sickle

Columbus, Ohio, April 3 – Royal Bank of Canada priced $1.1 million of autocallable contingent coupon barrier notes due March 31, 2022 linked to the common stock of Square, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 10.4% if the stock closes at or above its 50% coupon barrier on the observation date for that quarter.

The notes will be automatically called at par if the stock closes its initial price on any observation date beginning on Sept. 27.

The payout at maturity will be par unless the stock finishes below its 50% trigger price, in which case investors will be fully exposed to any losses.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Autocallable contingent coupon barrier notes
Underlying stock:	Square, Inc.
Amount:	$1,095,000
Maturity:	March 31, 2022
Coupon:	10.4%, payable each quarter that 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 par plus return with full exposure to losses
Call:	Automatically at par if stock closes at or above initial price on any quarterly observation date after six months
Initial price:	$72.97
Coupon barrier:	$36.49, 50% of initial price
Trigger price:	$36.49, 50% of initial price
Pricing date:	March 26
Settlement date:	March 29
Agent:	RBC Capital Markets, LLC
Fees:	2.25%
Cusip:	78013X3M8

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