By Sarah Lizee
Olympia, Wash., July 8 – Royal Bank of Canada priced $1.36 million of autocallable contingent coupon barrier notes due June 29, 2023 linked to the common stock of Pfizer Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 8% per year if the stock closes at or above its coupon barrier, 70% of its initial price, on the observation date for that quarter.
The notes will be called at par if the stock closes at or above its initial share price on any quarterly observation date after six months.
The payout at maturity will be par unless the stock finishes below its trigger price, 70% of its initial price, in which case investors will lose 1% for every 1% that the shares decline from 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: | Pfizer Inc.
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Amount: | $1,355,000
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Maturity: | June 29, 2023
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Coupon: | 8%, payable quarterly if stock closes at or above 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 trigger price, in which case 1% for every 1% that shares decline from initial share price.
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Call: | At par if stock closes at or above initial share price on any quarterly observation date after six months
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Initial share price: | $32.04
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Coupon barrier price: | $22.43, 70% of initial share price
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Trigger price: | $22.43, 70% of initial share price
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Pricing date: | June 26
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Settlement date: | June 30
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Underwriter: | RBC Capital Markets, LLC
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Fees: | 2.25%
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Cusip: | 78015KST2
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