By William Gullotti
Buffalo, N.Y., May 1 – Royal Bank of Canada priced $1 million of 9.5% autocallable fixed coupon barrier notes due April 15, 2027 linked to the common stock of Advanced Micro Devices, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is paid monthly.
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.
If the notes are not called and the stock finishes at or above its 50% trigger price, the payout at maturity will be par. Otherwise, investors will receive a number of shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash value of those shares.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
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| Issue: | Autocallable fixed coupon barrier notes
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| Underlying stock: | Advanced Micro Devices, Inc.
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| Amount: | $1 million
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| Maturity: | April 15, 2027
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| Coupon: | 9.5% annual rate, paid monthly
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| Price: | Par
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| Payout at maturity: | Par unless stock finishes below trigger price, in which case investors will receive 5.87 shares per note or, at the issuer’s option, the cash equivalent
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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: | $170.50
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| Trigger price: | $85.25; 50% of initial share price
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| Pricing date: | April 11
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| Settlement date: | April 16
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| Underwriter: | RBC Capital Markets, LLC
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| Fees: | 2%
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| Cusip: | 78015QJK8
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