By William Gullotti
Buffalo, N.Y., May 24 – Royal Bank of Canada priced $3.66 million of trigger autocallable contingent yield notes due May 24, 2023 linked to the common stock of Dow Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at the rate of 12.63% per year if the stock closes at or above its coupon barrier, 70% of its initial share price, on the related observation date.
The notes will be automatically called at par plus the coupon if the stock closes at or above its initial share price on any quarterly call observation date.
If the notes are not called and the final share price is greater than or equal to the downside threshold level, 70% of the initial share price, the payout at maturity will be par plus the final coupon.
Otherwise, investors will receive a number of shares equal to $1,000 divided by the stock’s initial level or, at the issuer’s option, the cash equivalent.
UBS Financial Services LLC and RBC Capital Markets, LLC are the agents.
| Issuer: | Royal Bank of Canada
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| Issue: | Trigger autocallable contingent yield notes
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| Underlying stock: | Dow Inc.
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| Amount: | $3.66 million
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| Maturity: | May 24, 2023
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| Coupon: | 12.63% per year, paid quarterly if the stock closes at or above its coupon barrier on the related observation date
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| Price: | Par
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| Payout at maturity: | Par plus final coupon unless stock finishes below downside threshold level, in which case receive 14.5433 shares per note or the cash equivalent
|
| Call: | Automatically at par plus the coupon if the stock closes at or above the initial share price on any quarterly call observation date
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| Initial level: | $68.76
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| Coupon barrier level: | $48.13; 70% of initial level
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| Downside threshold: | $48.13; 70% of initial level
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| Pricing date: | May 19
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| Settlement date: | May 24
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| Agents: | UBS Financial Services LLC and RBC Capital Markets, LLC
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| Fees: | 1.5%
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| Cusip: | 78016C879
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