By Susanna Moon
Chicago, Aug. 14 – Royal Bank of Canada priced $1 million of autocallable contingent coupon barrier notes due Aug. 14, 2019 linked to Merck & Co., Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 7.21% if the stock closes at or above its 80% coupon barrier on the observation date for that quarter.
The notes will be called at par if the stock closes above its initial level on any observation date.
The payout at maturity will be par unless the stock finishes below its 80% trigger level, in which case investors will receive a number shares equal to $1,000 divided by the initial share price.
RBC Capital Markets, LLC is the underwriter.
Issuer: | Royal Bank of Canada
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Issue: | Autocallable contingent coupon barrier notes
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Underlying stock: | Merck & Co., Inc. (Symbol: MRK)
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Amount: | $1 million
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Maturity: | Aug. 14, 2019
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Coupon: | 7.21%, payable quarterly if stock closes at or above 80% coupon barrier on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless stock finishes below 80% trigger, in which case shares of the worse performing stock equal to $1,000 divided by initial level
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Call: | At par if stock closes above initial level on any observation date
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Initial level: | $62.49
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Trigger level: | $49.99, 80% of initial level
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Pricing date: | Aug. 9
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Settlement date: | Aug. 14
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Agents: | RBC Capital Markets, LLC
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Fees: | 1%
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Cusip: | 78013GEQ4
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