New Issue: RBC sells $2.43 million contingent coupon barrier autocalls on S&P 500 Value

By Sarah Lizee

Olympia, Wash., May 22 – Royal Bank of Canada priced $2.43 million of autocallable contingent coupon barrier notes due May 25, 2023 linked to the S&P 500 Value index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 7% if the index closes at or above its 70% coupon barrier on the observation date for that quarter.

The notes will be automatically called at par if the index closes its initial price on any observation date beginning on Nov. 23.

The payout at maturity will be par unless the index finishes below its 70% 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 index:	S&P 500 Value index
Amount:	$2,427,000
Maturity:	May 25, 2023
Coupon:	7%, payable each quarter that index closes at or above coupon barrier on observation date for that quarter
Price:	Par
Payout at maturity:	Par unless index finishes below trigger price, in which case par plus return with full exposure to losses
Call:	Automatically at par if index closes at or above initial price on any quarterly observation date starting Nov. 23
Initial price:	1,036.78
Coupon barrier:	725.75, 70% of initial price
Trigger price:	725.75, 70% of initial price
Pricing date:	May 21
Settlement date:	May 27
Agent:	RBC Capital Markets, LLC
Fees:	2.25%
Cusip:	78015KVJ0

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