Published on 5/23/2018 in the Prospect News Structured Products Daily.
New Issue: RBC sells $2 million contingent barrier enhanced notes linked to Amazon
By Wendy Van Sickle
Columbus, Ohio, May 23 – Royal Bank of Canada priced $2 million of 0% contingent barrier enhanced notes due Nov. 22, 2019 linked to Amazon.com Inc. common stock, according to a 424B2 filing with the Securities and Exchange Commission.
If the stock finishes at or above its 80% barrier level, the payout at maturity will be par plus 17.35%.
Otherwise, the payout will be a number of shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.
RBC Capital Markets, LLC is the underwriter. JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are the placement agents.
Issuer: | Royal Bank of Canada
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Issue: | Contingent barrier enhanced notes
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Underlying stock: | Amazon.com Inc. (Symbol: AMZN)
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Amount: | $2 million
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Maturity: | Nov. 22, 2019
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Coupon: | 0%
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Price: | Par
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Payout at maturity: | If stock finishes at or above 80%, par plus 17.53%; otherwise, a number of shares equal to $1,000 divided by initial share price or, at issuer’s option, cash equivalent
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| Initial level: | $1,581.40
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Barrier level: | $1,265.12, or 80% of initial share price
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Pricing date: | Jan. 9
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Settlement date: | Jan. 12
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Underwriter: | RBC Capital Markets, LLC
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Agents: | JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
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Fees: | 1.25%
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Cusip: | 78013GGK5
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