By Kiku Steinfeld
Chicago, Oct. 22 – Royal Bank of Canada priced $1.15 million issuer callable contingent coupon barrier notes due Aug. 1, 2023 tied to the shares of Exxon Mobile Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly contingent coupon at an annual rate of 8% if the stock closes above its 65.7% coupon barrier on the corresponding observation date.
The notes may be called at par plus any coupon due at the option of the issuer on any quarterly coupon payment date.
Investors will receive par if the final level of the stock is at or above its 65.7% trigger level.
Otherwise, investors will receive a number of shares equal to $1,000 divided by the stock’s initial share price or the cash equivalent at the issuer’s option.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
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| Issue: | Issuer callable contingent coupon barrier notes
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| Underlying stock: | Exxon Mobile Corp.
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| Amount: | $1.15 million
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| Maturity: | Aug. 1, 2023
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| Coupon: | 8% per year, paid quarterly if stock closes above coupon barrier on the related observation date
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| Price: | Par
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| Payout at maturity: | Par unless stock closes below trigger level, in which case full exposure to losses of stock, payable either as 17.29 shares per note or cash at the issuer’s option
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| Call option: | At par plus any coupon due on any quarterly coupon payment date
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| Initial price: | $57.83
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| Coupon barrier level: | $37.99; 65.7% of initial level
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| Trigger level: | $37.99; 65.7% of initial level
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| Pricing date: | July 27
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| Settlement date: | July 30
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 1.5%
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| Cusip: | 78013GV77
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