By Wendy Van Sickle
Columbus, Ohio, Oct. 21 – Royal Bank of Canada priced $225,000 of autocallable contingent coupon barrier notes due Oct. 19, 2023 linked to the SPDR S&P Biotech ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8% if the ETF closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes will be called at par if the ETF closes above its initial level on any quarterly observation date after six months.
The payout at maturity will be par plus the final coupon unless the final price of the ETF is below the 70% trigger price, in which case investors will lose 1% for every 1% decline in the underlying asset.
RBC Capital Markets, LLC is the underwriter.
Issuer: | Royal Bank of Canada
|
Issue: | Autocallable contingent coupon barrier notes
|
Underlying ETF: | SPDR S&P Biotech ETF
|
Amount: | $225,000
|
Maturity: | Oct. 19, 2023
|
Coupon: | 8% annual rate, payable quarterly if ETF closes at or above coupon barrier on observation date for that quarter
|
Price: | Par
|
Payout at maturity: | Par unless ETF finishes below 70% trigger price, in which case 1% loss for each 1% decline in underlier
|
Call: | At par if ETF closes above initial level on any quarterly review date after six months
|
Initial level: | $120.17
|
Trigger/coupon barrier: | $84.12, 70% of initial level
|
Pricing date: | Oct. 15
|
Settlement date: | Oct. 20
|
Agent: | RBC Capital Markets, LLC
|
Fees: | 2.25%
|
Cusip: | 78016EDB0
|
|
© 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.