By Taylor Fox
New York, Nov. 23 – Royal Bank of Canada priced $603,000 of autocallable contingent coupon barrier notes due Nov. 21, 2023 linked to an equally-weighted basket of Lyft, Inc. and Uber Technologies, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 8.5% per year if the basket closes at or above its trigger price, 50% of its initial price, on the observation date for that quarter.
The notes will be called at par if the basket closes at or above its initial price on any quarterly observation date after six months.
If the notes are not called, the payout at maturity will be par unless the basket finishes below its trigger price, in which case investors will be fully exposed to the decline.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Autocallable contingent coupon barrier notes
|
| Underlying stocks: | Lyft, Inc. and Uber Technologies, Inc., basket equally weighted
|
| Amount: | $603,000
|
| Maturity: | Nov. 21, 2023
|
| Coupon: | 8.5%, payable quarterly if basket closes at or above trigger price on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless basket finishes below trigger price, in which case full exposure to decline
|
| Call: | At par if basket closes at or above initial price on any quarterly observation date after six months
|
| Initial share price: | $39.92 for Lyft and $49.21 for Uber
|
| Trigger price: | 50% of initial share price
|
| Pricing date: | Nov. 16
|
| Settlement date: | Nov. 19
|
| Underwriter: | RBC Capital Markets, LLC
|
| Fees: | 2.25%
|
| Cusip: | 78016ELF2
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
