Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-275898
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Pricing Supplement
Dated May 15, 2024
To the Product Prospectus Supplement CCBN-1, the Prospectus Supplement and the Prospectus, Each Dated December 20,
2023
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$500,000
Auto-Callable Contingent Coupon Barrier Notes Linked
to the Lesser Performing of Three Equity Securities Due
May 20, 2027
Royal Bank of Canada
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||
Reference Stocks
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Initial Stock Prices
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Trigger Prices and Coupon Barriers
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Adobe Inc. (“ADBE”)
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$485.35
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$291.21, which is 60% of the Initial Stock Price
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Academy Sports and Outdoors, Inc. (“ASO”)
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$55.40
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$33.24, which is 60% of the Initial Stock Price
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Meta Platforms, Inc. (“META”)
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$481.54
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$288.92, which is 60% of the Initial Stock Price*
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Issuer:
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Royal Bank of Canada
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Stock Exchange Listing:
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None
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Trade Date:
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May 15, 2024
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Principal Amount:
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$1,000 per Note
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Issue Date:
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May 20, 2024
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Maturity Date:
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May 20, 2027
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Coupon Observation
Dates:
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Monthly, as set forth below
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Coupon Payment Dates:
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Monthly, as set forth below
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Valuation Date:
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May 17, 2027
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Contingent Coupon Rate:
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20.35% per annum
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Final Stock Price:
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For each Reference Stock, its closing price on the Valuation Date.
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Contingent Coupon:
|
If the closing price of each Reference Stock is greater than or equal to its Coupon Barrier on the applicable Coupon Observation Date, we will pay the Contingent Coupon
applicable to that Coupon Payment Date. You may not receive any Contingent Coupons during the term of the Notes.
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Payment at Maturity (if
held to maturity):
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If the Notes are not previously called, we will pay you at maturity an amount based on the Final Stock Price of the Lesser Performing Reference Stock:
For each $1,000 in principal amount, $1,000 plus the Contingent Coupon at maturity, unless the Final Stock Price of the Lesser Performing Reference Stock is less than its
Trigger Price.
If the Final Stock Price of the Lesser Performing Reference Stock is less than its Trigger Price, then the investor will receive at maturity, for each $1,000 in principal
amount, a cash payment equal to:
$1,000 + ($1,000 x Percentage Change of the Lesser Performing Reference Stock)
Investors in the Notes could lose some or all of their principal amount if the Final Stock Price of the Lesser Performing Reference
Stock is less than its Trigger Price.
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Lesser Performing
Reference Stock:
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The Reference Stock with the lowest Percentage Change.
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Call Feature:
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If the closing price of each Reference Stock is greater than or equal to its Initial Stock Price on November 15, 2024 or on any quarterly Call Observation Date thereafter,
the Notes will be automatically called for 100% of their principal amount, plus the Contingent Coupon applicable to the corresponding Call Observation Date.
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Call Observation Dates:
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Quarterly, as set forth below.
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CUSIP:
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78017FZA4
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Per Note
|
Total
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||||
Price to public
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100.00%
|
$500,000
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|||
Underwriting discounts and commissions(1)
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1.50%
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$7,500
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|||
Proceeds to Royal Bank of Canada
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98.50%
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$492,500
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|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity
Securities
Royal Bank of Canada
|
General:
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This pricing supplement relates to an offering of Auto-Callable Contingent Coupon Barrier Notes (the “Notes”) linked to the lesser performing of three equity securities
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Reference Stocks:
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The common stock of Adobe Inc. (“ADBE”), the common stock of Academy Sports and Outdoors, Inc. (“ASO”) and the Class A common stock of Meta Platforms, Inc. (“META”).
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Issuer:
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Royal Bank of Canada (the “Bank”)
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Trade Date:
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May 15, 2024
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Issue Date:
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May 20, 2024
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Valuation Date:
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May 17, 2027
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Maturity Date:
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May 20, 2027
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Denominations:
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Minimum denomination of $1,000, and integral multiples of $1,000 thereafter.
|
Contingent Coupon:
|
We will pay you a Contingent Coupon during the term of the Notes, periodically in arrears on each Coupon Payment Date, under the conditions described below:
• If the closing price of each Reference Stock is greater than or equal to its Coupon Barrier on the applicable Coupon Observation Date, we will
pay the Contingent Coupon applicable to that Coupon Observation Date.
• If the closing price of any of the Reference Stocks is less than its Coupon Barrier on the applicable Coupon Observation Date, we will not pay
you the Contingent Coupon applicable to that Coupon Observation Date.
You may not receive a Contingent Coupon for one or more monthly periods during the term of the Notes.
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Contingent Coupon
Rate:
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20.35% per annum (approximately 1.6958% per month).
|
Coupon Observation
Dates and Call
Observation Dates:
|
The Coupon Observation Dates and Coupon Payment Dates will occur monthly, and the Call Observation Dates and Call Settlement Dates will occur quarterly, as set forth in the table below. | |||
Coupon Observation Dates
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Coupon Payment Dates
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June 17, 2024
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June 21, 2024
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July 15, 2024
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July 18, 2024
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August 15, 2024
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August 20, 2024
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September 16, 2024
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September 19, 2024
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October 15, 2024
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October 18, 2024
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November 15, 2024(1)
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November 20, 2024(2)
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December 16, 2024
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December 19, 2024
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January 15, 2025
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January 21, 2025
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February 18, 2025(1)
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February 21, 2025(2)
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March 17, 2025
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March 20, 2025
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April 15, 2025
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April 21, 2025
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May 15, 2025(1)
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May 20, 2025(2)
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June 16, 2025
|
June 20, 2025
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July 15, 2025
|
July 18, 2025
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August 15, 2025(1)
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August 20, 2025(2)
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|||
September 15, 2025
|
September 18, 2025
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|||
October 15, 2025
|
October 20, 2025
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|||
November 17, 2025(1)
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November 20, 2025(2)
|
|||
December 15, 2025
|
December 18, 2025
|
|||
January 15, 2026
|
January 21, 2026
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity
Securities
Royal Bank of Canada
|
February 17, 2026(1)
|
February 20, 2026(2)
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March 16, 2026
|
March 19, 2026
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April 15, 2026
|
April 20, 2026
|
|||
May 15, 2026(1)
|
May 20, 2026(2)
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|||
June 15, 2026
|
June 18, 2026
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|||
July 15, 2026
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July 20, 2026
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August 17, 2026(1)
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August 20, 2026(2)
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September 15, 2026
|
September 18, 2026
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October 15, 2026
|
October 20, 2026
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November 16, 2026(1)
|
November 19, 2026(2)
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December 15, 2026
|
December 18, 2026
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January 15, 2027
|
January 21, 2027
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February 16, 2027(1)
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February 19, 2027(2)
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March 15, 2027
|
March 18, 2027
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|||
April 15, 2027
|
April 20, 2027
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May 17, 2027 (the Valuation Date)
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May 20, 2027 (the Maturity Date)
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(1) This date is also a Call Observation Date.
(2) This date is also a Call Settlement Date.
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Record Dates:
|
The record date for each Coupon Payment Date will be one business day prior to that scheduled Coupon Payment Date; provided, however, that any Contingent Coupon payable at maturity or upon
an automatic call will be payable to the person to whom the payment at maturity or upon a call, as the case may be, will be payable.
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Call Feature:
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If, on any quarterly Call Observation Date, beginning on November 15, 2024, the closing price of each Reference Stock is greater than or equal to its Initial Stock Price, then the Notes will
be automatically called.
|
Payment if Called:
|
If the Notes are automatically called, then, on the applicable Call Settlement Date, for each $1,000 in principal amount, you will receive $1,000 plus the Contingent Coupon otherwise due on
that Call Settlement Date.
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Initial Stock Price:
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For each Reference Stock, its closing price on the Trade Date, as set forth on the cover page of this document.
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Final Stock Price:
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For each Reference Stock, its closing price on the Valuation Date.
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Trigger Price and
Coupon Barrier:
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For each Reference Stock, 60% of its Initial Stock Price, as set forth on the cover page of this document.
|
Payment at Maturity (if
not previously called
and
held to maturity):
|
If the Notes are not previously called, we will pay you at maturity an amount based on the Final Stock Price of the Lesser Performing Reference Stock:
• If the
Final Stock Price of the Lesser Performing Reference Stock is greater than or equal to its Trigger Price, we will pay you a cash payment equal to the principal amount plus the Contingent Coupon otherwise due on the Maturity Date.
• If the
Final Stock Price of the Lesser Performing Reference Stock is less than its Trigger Price, you will receive at maturity, for each $1,000 in principal amount, a cash payment equal to:
$1,000 + ($1,000 x Percentage Change of the Lesser Performing Reference Stock)
The amount of cash that you receive in this case will be less than your principal amount, if anything, resulting in a loss that is proportionate to the decline of the Lesser Performing
Reference Stock from the Trade Date to the Valuation Date.
Investors in the Notes will lose some or all of their principal amount if the Final Stock Price of the Lesser Performing Reference Stock is less than
its Trigger Price.
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Lesser Performing
Reference Stock:
|
The Reference Stock with the lowest Percentage Change.
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity
Securities
Royal Bank of Canada
|
Percentage Change:
|
Final Stock Price – Initial Stock Price
|
Initial Stock Price | |
Stock Settlement:
|
Not applicable. Payments on the Notes will be made in cash.
|
Market Disruption
Events:
|
The occurrence of a market disruption event (or a non-trading day) as to any of the Reference Stocks will result in the postponement of a Coupon Observation Date, Call Observation Date or
the Valuation Date as to that Reference Stock, as described in the product prospectus supplement, but not to any non-affected Reference Stock.
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Calculation Agent:
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RBC Capital Markets, LLC (“RBCCM”)
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U.S. Tax Treatment:
|
By purchasing a Note, each holder agrees (in the absence of a change in law, an administrative determination or a judicial ruling to the contrary) to treat the Notes as a callable pre-paid
cash-settled contingent income-bearing derivative contract linked to the Reference Stocks for U.S. federal income tax purposes. However, the U.S. federal income tax consequences of your investment in the Notes are uncertain and the
Internal Revenue Service could assert that the Notes should be taxed in a manner that is different from that described in the preceding sentence. Please see the section below, “Supplemental Discussion of U.S. Federal Income Tax
Consequences,” and the discussion (including the opinion of Ashurst LLP, our special U.S. tax counsel) in the product prospectus supplement dated December 20, 2023 under “Supplemental Discussion of U.S. Federal Income Tax Consequences,”
which apply to the Notes.
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Secondary Market:
|
RBCCM (or one of its affiliates), though not obligated to do so, may maintain a secondary market in the Notes after the issue date. The amount that you may receive upon sale of your Notes
prior to maturity may be less than the principal amount of your Notes.
|
Listing:
|
The Notes will not be listed on any securities exchange.
|
Settlement:
|
DTC global (including through its indirect participants Euroclear and Clearstream, Luxembourg as described under “Ownership and Book Entry Issuance” in the prospectus dated December 20,
2023).
|
Terms Incorporated in
the Master Note:
|
All of the terms appearing on the cover page and above the item captioned “Secondary Market” in this section and the terms appearing under the caption “General Terms of the Notes” in the product prospectus
supplement, as modified by this pricing supplement.
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity
Securities
Royal Bank of Canada
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity
Securities
Royal Bank of Canada
|
Hypothetical Initial Stock Price (for each Reference Stock):
|
$100.00*
|
|
Hypothetical Trigger Price and Coupon Barrier (for each Reference Stock):
|
60% of each hypothetical Initial Stock Price
|
|
Contingent Coupon Rate:
|
20.35% per annum (or approximately 1.6958% per month)
|
|
Contingent Coupon Amount:
|
Approximately $16.958 per month
|
|
Coupon Observation Dates:
|
Monthly
|
|
Principal Amount:
|
$1,000 per Note
|
Hypothetical Final Stock Price of
the Lesser Performing Reference
Stock
|
Payment at Maturity as Percentage
of Principal Amount
|
Cash Payment Amount per $1,000 in
Principal Amount
|
130.00
|
101.6958%*
|
$1,016.958*
|
120.00
|
101.6958%*
|
$1,016.958*
|
110.00
|
101.6958%*
|
$1,016.958*
|
100.00
|
101.6958%*
|
$1,016.958*
|
90.00
|
101.6958%*
|
$1,016.958*
|
80.00
|
101.6958%*
|
$1,016.958*
|
70.00
|
101.6958%*
|
$1,016.958*
|
60.00
|
101.6958%*
|
$1,016.958*
|
59.99
|
59.99%
|
$599.90
|
50.00
|
50.00%
|
$500.00
|
40.00
|
40.00%
|
$400.00
|
30.00
|
30.00%
|
$300.00
|
20.00
|
20.00%
|
$200.00
|
10.00
|
10.00%
|
$100.00
|
0.00
|
0.00%
|
$0.00
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity
Securities
Royal Bank of Canada
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity
Securities
Royal Bank of Canada
|
• |
You May Receive Less than the Principal Amount at Maturity – Investors in the Notes could lose all or a substantial portion of their principal amount if there is a decline in the price of the Lesser Performing Reference Stock between the Trade Date and the Valuation Date. If the Notes are
not automatically called and the Final Stock Price of the Lesser Performing Reference Stock is less than its Trigger Price, the amount of cash that you receive at maturity will represent a loss of your principal that is proportionate to
the decline in the closing price of the Lesser Performing Reference Stock from the Trade Date to the Valuation Date. Any Contingent Coupons received on the Notes prior to the Maturity Date may not be sufficient to compensate for any
such loss.
|
• |
The Notes Are Subject to an Automatic Call — If on any
Call Observation Date, beginning in November 2024, the closing price of each Reference Stock is greater than or equal to its Initial Stock Price, then the Notes will be automatically called. If the Notes are automatically called, then,
on the applicable Coupon Payment Date, for each $1,000 in principal amount, you will receive $1,000 plus the Contingent Coupon otherwise due on the applicable Coupon Payment Date. You will not receive any Contingent Coupons after that
payment. You may be unable to reinvest your proceeds from the automatic call in an investment with a return that is as high as the return on the Notes would have been if they had not been called.
|
• |
You May Not Receive Any Contingent Coupons — We will not necessarily make any coupon
payments on the Notes. If the closing price of any of the Reference Stocks on a Coupon Observation Date is less than its Coupon Barrier, we will not pay you the Contingent Coupon applicable to that Coupon Observation Date. If the
closing price of any of the Reference Stocks is less than its Coupon Barrier on each of the Coupon Observation Dates and on the Valuation Date, we will not pay you any Contingent Coupons during the term of, and you will not receive a
positive return on, your Notes. Generally, this non-payment of the Contingent Coupon coincides with a period of greater risk of principal loss on your Notes. Accordingly, if we do not pay the Contingent Coupon on the Maturity Date, you
will also incur a loss of principal, because the Final Stock Price of the Lesser Performing Reference Stock will be less than its Trigger Price.
|
• |
The Notes Are Linked to the Lesser Performing Reference Stock, Even if the Other Reference Stocks Perform Better — If any of the Reference Stocks has a Final Stock Price that is less than its Trigger Price, your return will be linked to the Lesser Performing Reference Stock. Even if the Final Stock Prices of the other
Reference Stocks have increased compared to their respective Initial Stock Prices, or have experienced a decrease that is less than that of the Lesser Performing Reference Stock, your return will only be determined by reference to the
performance of the Lesser Performing Reference Stock, regardless of the performance of the other Reference Stocks.
|
• |
Your Payment on the Notes Will Be Determined by Reference to Each Reference Stock Individually, Not to a Basket, and the Payment at
Maturity Will Be Based on the Performance of the Lesser Performing Reference Stock — The Payment at Maturity will be determined only by reference to the performance of the Lesser Performing
Reference Stock, regardless of the performance of the other Reference Stocks. The Notes are not linked to a weighted basket, in which the risk may be mitigated and diversified among each of the basket components. For example, in the
case of notes linked to a weighted basket, the return would depend on the weighted aggregate performance of the basket components reflected as the basket return. As a result, the depreciation of one basket component could be mitigated
by the appreciation of the other basket components, as scaled by the weighting of that basket component. However, in the case of the Notes, the individual performance of each of the Reference Stocks would not be combined, and the
depreciation of one Reference Stock would not be mitigated by any appreciation of the other Reference Stocks. Instead, your return will depend solely on the Final Stock Price of the Lesser Performing Reference Stock.
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity
Securities
Royal Bank of Canada
|
• |
The Call Feature and the Contingent Coupon Feature Limit Your Potential Return — The return potential of the Notes is limited to the pre-specified Contingent Coupon Rate, regardless of the appreciation of the Reference Stocks. In addition, the total return on the Notes will vary based on
the number of Coupon Observation Dates on which the Contingent Coupon becomes payable prior to maturity or an automatic call. Further, if the Notes are called due to the Call Feature, you will not receive any Contingent Coupon or any
other payment in respect of any Coupon Observation Dates after the applicable Call Settlement Date. Since the Notes could be called as early as November 2024, the total return on the Notes could be limited. If the Notes are not called,
you may be subject to the full downside performance of the Lesser Performing Reference Stock even though your potential return is limited to the Contingent Coupon Rate. As a result, the return on an investment in the Notes could be less
than the return on a direct investment in the Reference Stocks.
|
• |
Your Return on the Notes May Be Lower than the Return on a Conventional Debt Security of Comparable Maturity — The return that you will receive on the Notes, which could be negative, may be less than the return you could earn on other investments. Even if your return is positive, your return may be
less than the return you would earn if you purchased one of our conventional senior interest bearing debt securities.
|
• |
Payments on the Notes Are Subject to Our Credit Risk, and Changes in Our Credit Ratings Are Expected to Affect the
Market Value of the Notes — The Notes are our senior unsecured debt securities. As a result, your receipt of any Contingent Coupon, if payable, and the amount due on any
relevant payment date is dependent upon our ability to repay our obligations on the applicable payment dates. This will be the case even if the prices of the Reference Stocks increase after the Trade Date. No assurance can be given as
to what our financial condition will be at any time during the term of the Notes.
|
• |
There May Not Be an Active Trading Market for the Notes — Sales in the Secondary Market May Result in Significant
Losses — There may be little or no secondary market for the Notes. The Notes will not be listed on any securities exchange. RBCCM and our other affiliates may make a market for
the Notes; however, they are not required to do so. RBCCM or any of our other affiliates may stop any market-making activities at any time. Even if a secondary market for the Notes develops, it may not provide significant liquidity or
trade at prices advantageous to you. We expect that transaction costs in any secondary market would be high. As a result, the difference between bid and asked prices for your Notes in any secondary market could be substantial.
|
• |
The Initial Estimated Value of the Notes Is Less than the Price to the Public — The initial estimated value of the Notes that is set forth on the cover page of this pricing supplement does not represent a minimum price at which we, RBCCM or any of our affiliates would be willing to
purchase the Notes in any secondary market (if any exists) at any time. If you attempt to sell the Notes prior to maturity, their market value may be lower than the price you paid for them and the initial estimated value. This is due
to, among other things, changes in the prices of the Reference Stocks, the borrowing rate we pay to issue securities of this kind, and the inclusion in the price to the public of the underwriting discount, the structuring fee and the
estimated costs relating to our hedging of the Notes. These factors, together with various credit, market and economic factors over the term of the Notes, are expected to reduce the price at which you may be able to sell the Notes in
any secondary market and will affect the value of the Notes in complex and unpredictable ways. Assuming no change in market conditions or any other relevant factors, the price, if any, at which you may be able to sell your Notes prior
to maturity may be less than your original purchase price, as any such sale price would not be expected to include the underwriting discount, the structuring fee or the hedging costs relating to the Notes. In addition to bid-ask
spreads, the value of the Notes determined by RBCCM for any secondary market price is expected to be based on the secondary rate rather than the internal funding rate used to price the Notes and determine the initial estimated value. As
a result, the secondary price will be less than if the internal funding rate was used. The Notes are not designed to be short-term trading instruments. Accordingly, you should be able and willing to hold your Notes to maturity.
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity
Securities
Royal Bank of Canada
|
• |
The Initial Estimated Value of the Notes that Is Set Forth on the Cover Page of this Pricing Supplement Is an Estimate Only, Calculated as
of the Time the Terms of the Notes Were Set — The initial estimated value of the Notes is based on the value of our obligation to make the payments on the Notes, together with the mid-market value
of the derivative embedded in the terms of the Notes. See “Structuring the Notes” below. Our estimate is based on a variety of assumptions, including our credit spreads, expectations as to dividends, interest rates and volatility, and
the expected term of the Notes. These assumptions are based on certain forecasts about future events, which may prove to be incorrect. Other entities may value the Notes or similar securities at a price that is significantly different
than we do.
|
• |
Our Business Activities May Create Conflicts of Interest — We and our affiliates expect to engage in trading
activities related to the Reference Stocks that are not for the account of holders of the Notes or on their behalf. These trading activities may present a conflict between the holders’ interests in the Notes and the interests we and our
affiliates will have in their proprietary accounts, in facilitating transactions, including options and other derivatives transactions, for their customers and in accounts under their management. These trading activities, if they
influence the share price of the Reference Stocks, could be adverse to the interests of the holders of the Notes. We and one or more of our affiliates may, at present or in the future, engage in business with the issuers of the
Reference Stocks (the “Reference Stock Issuers"), including making loans to or providing advisory services. These services could include investment banking and merger and acquisition advisory services. These activities may present a
conflict between our or one or more of our affiliates’ obligations and your interests as a holder of the Notes. Moreover, we and our affiliates may have published, and in the future expect to publish, research reports with respect to
the Reference Stocks. This research is modified from time to time without notice and may express opinions or provide recommendations that are inconsistent with purchasing or holding the Notes. Any of these activities by us or one or
more of our affiliates may affect the share prices of the Reference Stocks, and, therefore, the market value of the Notes.
|
• |
Owning the Notes Is Not the Same as Owning the Reference Stocks — The return on your
Notes is unlikely to reflect the return you would realize if you actually owned the Reference Stocks. For instance, you will not receive or be entitled to receive any dividend payments or other distributions on those securities during
the term of your Notes. As an owner of the Notes, you will not have voting rights or any other rights that holders of the Reference Stocks may have. Furthermore, the Reference Stocks may appreciate substantially during the term of the
Notes, while your potential return will be limited to the applicable Contingent Coupon payments.
|
• |
There Is No Affiliation Between the Reference Stock Issuers and RBCCM, and RBCCM Is Not Responsible for any Disclosure by the
Reference Stock Issuers — We are not affiliated with the Reference Stock Issuers. However, we and our affiliates may currently, or from time to time in the future engage in business with the
Reference Stock Issuers. Nevertheless, neither we nor our affiliates assume any responsibilities for the accuracy or the completeness of any information that any other company prepares. You, as an investor in the Notes, should make your
own investigation into the Reference Stocks. The Reference Stock Issuers are not involved in this offering and has no obligation of any sort with respect to your Notes. The Reference Stock Issuers have no obligation to take your
interests into consideration for any reason, including when taking any corporate actions that might affect the value of your Notes.
|
• |
The Reference Stock Has Limited Historical Information — The common stock of Academy
Sports and Outdoors, Inc. commenced trading on October 2, 2020. Because this Reference Stock has limited trading history, your investment in the Notes may involve a greater risk than investing in securities linked to one or more equity
securities with a more established record of performance.
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity
Securities
Royal Bank of Canada
|
• |
The Payments on the Notes Are Subject to Postponement Due to Market Disruption Events and Adjustments — The payment at maturity, each Coupon Observation Date, each Call Observation Date and the Valuation Date are subject to adjustment as described in the product prospectus supplement. For a description of what constitutes a market
disruption event as well as the consequences of that market disruption event, see “General Terms of the Notes—Market Disruption Events” in the product prospectus supplement.
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity
Securities
Royal Bank of Canada
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity
Securities
Royal Bank of Canada
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity
Securities
Royal Bank of Canada
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity
Securities
Royal Bank of Canada
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity
Securities
Royal Bank of Canada
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity
Securities
Royal Bank of Canada
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity
Securities
Royal Bank of Canada
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to the Lesser Performing of Three Equity
Securities
Royal Bank of Canada
|
P-19
|
RBC Capital Markets, LLC
|