By Marisa Wong
Los Angeles, Oct. 5 – Royal Bank of Canada priced $1.6 million of autocallable contingent coupon barrier notes due Sept. 27, 2023 tied to the common stock of General Motors Co., according to a 424B2 filing with the Securities and Exchange Commission.
If the stock closes at or above its 50% coupon barrier on a quarterly observation date, the notes will pay a contingent coupon for that quarter at an annualized rate of 9.5%.
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 after six months.
The payout at maturity will be par unless the stock finishes below its 50% trigger level, in which case the payout will be par plus the stock return with full exposure to losses.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
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| Issue: | Autocallable contingent coupon barrier notes
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| Underlying stock: | General Motors Co. (Symbol: GM)
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| Amount: | $1.6 million
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| Maturity: | Sept. 27, 2023
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| Coupon: | 9.5%, payable each quarter that 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 full exposure to losses
|
| Call: | Automatically at par plus coupon if stock closes at or above initial share price on any quarterly observation date beginning March 22, 2021
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| Initial price: | $29.44
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| Coupon barrier: | $14.72, 50% of initial price
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| Trigger price: | $14.72, 50% of initial price
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| Pricing date: | Sept. 22
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| Settlement date: | Sept. 25
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 2.25%
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| Cusip: | 78015KZZ0
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