By Susanna Moon
Chicago, Aug. 28 – Royal Bank of Canada priced $4.48 million of contingent coupon callable yield notes Aug. 31, 2016 linked to MetLife, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 7.5% if the stock closes at or above its barrier level, 75% of the initial level, on an observation date for that quarter.
The notes will be callable at par plus any contingent coupon on any interest payment date.
The payout at maturity will be par unless the stock finishes at or below its 75% knock-in level, in which case investors will be fully exposed to any losses.
RBC Capital Markets, LLC and Barclays are the underwriters.
| Issuer: | Royal Bank of Canada
|
| Issue: | Contingent coupon callable yield notes
|
| Underlying stock: | MetLife, Inc. (NYSE: MET)
|
| Amount: | $4,484,000
|
| Maturity: | Aug. 31, 2016
|
| Coupon: | 7.5% annualized, payable quarterly if stock closes at or above its barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless stock finishes at or below knock-in level, in which case par plus return
|
| Call option: | At par plus coupon on any interest payment date
|
| Initial level: | $54.54
|
| Barrier level: | $40.91, 75% of initial level
|
| Pricing date: | Aug. 26
|
| Settlement date: | Aug. 29
|
| Agent: | RBC Capital Markets, LLC and Barclays
|
| Fees: | 1.75%
|
| Cusip: | 78010UR82
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
