By Wendy Van Sickle
Columbus, Ohio, Sept. 21 – Royal Bank of Canada priced $1.71 million of phoenix autocallable notes with memory coupon due Sept. 18, 2019 linked to Amazon.com, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annual rate of 10% if the stock closes at or above its 68.6% coupon barrier on the observation date for that quarter, plus any previously unpaid contingent interest payments.
The notes will be called at par if the stock closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par unless the stock finishes below its 68.6% trigger level, in which case investors will be fully exposed to any losses.
JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are the placement agents.
| Issuer: | Royal Bank of Canada
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| Issue: | Phoenix autocallable notes with memory coupon
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| Underlying asset: | Amazon.com, Inc.
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| Amount: | $1.71 million
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| Maturity: | Sept. 18, 2019
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| Coupon: | 10% annualized, payable quarterly if stock closes at or above 68.6% coupon barrier on observation date for that quarter plus any previously unpaid coupons
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| Price: | Par
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| Call: | At par if stock closes at or above initial level on any review date other than the final date
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| Payout at maturity: | Par unless stock finishes below 68.6% trigger, in which case 1% loss per 1% decline
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| Initial level: | $1,970.19
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| Trigger level: | $1,351.55, 68.6% of initial level
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| Pricing date: | Sept. 14
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| Settlement date: | Sept. 19
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| Agents: | JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC
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| Fees: | 1%
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| Cusip: | 78013XF37
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