By Angela McDaniels
Tacoma, Wash., March 19 – Royal Bank of Canada priced $118,000 of autocallable contingent coupon barrier notes due March 18, 2022 linked to the common stock of Shopify, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 10.25% per year if the stock closes at or above its trigger price, 50% of its initial share price, on the observation date for that quarter.
Beginning Sept. 16, the notes will be automatically called at par if the stock closes at or above its initial share price on any quarterly observation date.
The payout at maturity will be par unless the stock finishes below its trigger price, in which case investors will lose 1% for every 1% that Shopify shares decline from the initial share price.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Autocallable contingent coupon barrier notes
|
| Underlying stock: | Shopify, Inc. (NYSE: SHOP)
|
| Amount: | $118,000
|
| Maturity: | March 18, 2022
|
| Coupon: | 10.25%, payable quarterly if stock closes at or above trigger price on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless stock finishes below trigger price, in which case 1% loss for every 1% that Shopify shares decline from initial share price
|
| Call: | Beginning Sept. 16, automatically at par if stock closes at or above initial share price on any quarterly observation date
|
| Initial share price: | $205.98
|
| Trigger price: | $102.99, 50% of initial share price
|
| Pricing date: | March 15
|
| Settlement date: | March 20
|
| Underwriter: | RBC Capital Markets, LLC
|
| Fees: | 2.25%
|
| Cusip: | 78013X2S6
|
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