RBC Capital Markets®
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Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-227001
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Pricing Supplement
Dated April 24, 2019
To the Product Prospectus Supplement No. CCBN-1 Dated September 10, 2018, the Prospectus Supplement Dated September 7, 2018 and the Prospectus,
Dated September 7, 2018
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$1,200,000
Auto-Callable Contingent Coupon Barrier Notes
Linked to the VanEck Vectors® Gold Miners ETF, Due April 29, 2021 Royal Bank of Canada
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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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April 24, 2019
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Principal Amount:
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$1,000 per Note
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Issue Date:
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April 29, 2019
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Maturity Date:
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April 29, 2021
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Observation Dates:
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Quarterly, as set forth below
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Coupon Payment Dates:
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Quarterly, as set forth below.
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Valuation Date:
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April 26, 2021
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Contingent Coupon Rate:
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8% per annum
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Initial Stock Price:
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$21.02, which was the closing price of the Reference Stock on the Trade Date.
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Final Stock Price:
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The closing price of the Reference Stock on the Valuation Date.
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Trigger Price and Coupon
Barrier:
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$14.71, which is 70% of the Initial Stock Price (rounded to two decimal places).
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Contingent Coupon:
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If the closing price of the Reference Stock is greater than or equal to the Coupon Barrier on the
applicable Observation Date, we will pay the Contingent Coupon applicable to that Observation 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, in addition to the final Contingent Coupon, if payable:
$1,000 for each $1,000 in principal amount, unless (a) a Trigger Event occurs and (b) the Final Stock
Price is less than the Initial Stock Price.
If a Trigger Event occurs, and the Final Stock Price is less than the Initial 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 Reference Stock Return).
In this case, investors in the Notes will lose some or all of their principal
amount.
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Trigger Event:
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A Trigger Event will occur if, on any trading day after the Trade Date and on or prior to the Valuation Date, the closing price of the
Reference Stock is less than the Trigger Price.
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Call Feature:
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If the closing price of the Reference Stock is greater than or equal to the Initial Stock Price starting on October 24, 2019 and on any
Observation Date thereafter, the Notes will be automatically called for 100% of their principal amount, plus the Contingent Coupon applicable to the corresponding Observation Date.
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Call Settlement Dates:
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The Coupon Payment Date corresponding to that Observation Date.
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CUSIP:
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78013X5G9
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Per Note
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Total
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Price to public(1)
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100.00%
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$1,200,000
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Underwriting discounts and commissions(1)
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0.75%
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$9,000
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Proceeds to Royal Bank of Canada
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99.25%
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$1,191,000
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RBC Capital Markets, LLC
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Auto-Callable Contingent Coupon Barrier Notes
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
VanEck Vectors® Gold Miners ETF (the “Reference Stock”).
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Issuer:
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Royal Bank of Canada (“Royal Bank”)
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Trade Date:
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April 24, 2019
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Issue Date:
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April 29, 2019
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Valuation Date:
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April 26, 2021
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Maturity Date:
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April 29, 2021
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Denominations:
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Minimum denomination of $1,000, and integral multiples of $1,000 thereafter.
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Designated Currency:
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U.S. Dollars
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Contingent Coupon:
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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 the Reference Stock is greater than or equal to the Coupon Barrier on the applicable Observation Date,
we will pay the Contingent Coupon applicable to that Observation Date.
• If the closing price of the Reference Stock is less than the Coupon Barrier on the applicable Observation Date, we will not pay
you the Contingent Coupon applicable to that Observation Date.
You may not receive a Contingent Coupon for one or more quarterly periods during the term of the Notes.
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Contingent Coupon Rate:
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8% per annum (2% per quarter)
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Observation Dates:
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Quarterly, on July 24, 2019, October 24, 2019, January 24, 2020, April 24, 2020, July 24, 2020, October 26, 2020, January
25, 2021 and the Valuation Date.
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Coupon Payment Dates:
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The Contingent Coupon, if payable, will be paid quarterly on July 29, 2019, October 29, 2019, January 29, 2020, April 29,
2020, July 29, 2020, October 29, 2020, January 28, 2021 and the Maturity Date.
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Record Dates:
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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 a call will be payable to the person to whom the payment at maturity or upon the call, as the case may be, will be payable.
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Call Feature:
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If, on any Observation Date beginning on October 24, 2019 (other than the final Observation Date), the closing price of the
Reference Stock is greater than or equal to the Initial Stock Price, then the Notes will be automatically called.
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Call Settlement Dates:
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If the Notes are called on any Observation Date beginning on October 24, 2019, the Call Settlement Date will be the Coupon
Payment Date corresponding to that Observation Date.
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Payment if Called:
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If the Notes are automatically called, then, on the applicable Call Settlement Date, for each $1,000 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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The closing price of the Reference Stock on the Trade Date, as set forth on the cover page of this pricing supplement.
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Final Stock Price:
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The closing price of the Reference Stock on the Valuation Date.
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Trigger Price and Coupon
Barrier:
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70% of the Initial Stock Price, as set forth on the cover page of this supplement.
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Auto-Callable Contingent Coupon Barrier Notes
Royal Bank of Canada |
Payment at Maturity (if not
previously called and held
to maturity):
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If the Notes are not previously called, we will pay you at maturity, in addition to the final
Contingent Coupon, if payable, an amount based on the Final Stock Price of the Reference Stock:
• If a Trigger Event has not occurred, or the Final Stock Price is greater than or equal to the Initial Stock Price, then we will pay you a cash payment equal to the principal amount.
• If a Trigger Event has occurred, and the Final Stock Price is less than the Initial Stock Price, you will receive at maturity, for each $1,000
in principal amount, a cash payment equal to:
$1,000 + ($1,000 x Reference Stock Return)
In this case, the amount of cash that you receive will be less than your principal amount, if anything, resulting in a loss that is proportionate to the decline
of the Reference Stock from the Trade Date to the Valuation Date. Investors in the Notes will lose some or all of their principal amount if a Trigger Event occurs and
the Final Stock Price is less than the Initial Stock Price.
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Trigger Event:
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A Trigger Event will occur if the closing price of the Reference Stock is less than the Trigger Price
on any trading day during the Monitoring Period.
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Monitoring Period:
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The period from the trading day after the Trade Date to and including the Valuation Date.
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Reference Stock Return:
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Final Stock Price – Initial Stock Price
Initial Stock Price
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Stock Settlement:
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Not applicable. Payments on the Notes will be made solely in cash.
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Market Disruption Events:
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The occurrence of a market disruption event (or a non-trading day) as to the Reference Stock will result in the postponement
of an Observation Date or the Valuation Date, as described in the product prospectus supplement. The Calculation Event may, in its discretion, disregard the closing price of the Reference Stock on any trading day on which a market
disruption event occurs for purpose of determining whether a Trigger Event has occurred.
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Calculation Agent:
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RBC Capital Markets, LLC (“RBCCM”)
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U.S. Tax Treatment:
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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 Stock 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 our counsel Morrison & Foerster LLP) in the product prospectus supplement under “Supplemental Discussion of U.S.
Federal Income Tax Consequences,” which apply to the Notes.
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Secondary Market:
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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.
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Listing:
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The Notes will not be listed on any securities exchange.
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Settlement:
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DTC global (including through its indirect participants Euroclear and Clearstream, Luxembourg as described under
“Description of Debt Securities—Ownership and Book-Entry Issuance” in the prospectus.
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Terms Incorporated in the
Master Note:
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All of the terms appearing above the item captioned “Secondary Market” on the cover page and pages P-2 and P-3 of this pricing supplement
and the terms appearing under the caption “General Terms of the Notes” in the product prospectus supplement, as modified by this pricing supplement.
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Auto-Callable Contingent Coupon Barrier Notes
Royal Bank of Canada |
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Auto-Callable Contingent Coupon Barrier Notes
Royal Bank of Canada |
Hypothetical Initial Stock Price:
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$100.00*
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Hypothetical Trigger Price and Coupon Barrier:
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$70.00, which is 70% of the hypothetical Initial Stock Price
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Observation Dates:
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Quarterly
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Principal Amount:
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$1,000 per Note
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Hypothetical
Final Stock
Price
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If the closing market price of the
Reference Stock does not fall below
the Trigger Price on any trading day
during the Monitoring Period:
Payment at Maturity as Percentage of
Principal Amount
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If the closing market price of the
Reference Stock falls below the
Trigger Price on any trading day
during the Monitoring Period:
Payment at Maturity as Percentage
of Principal Amount*
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$180
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100%
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100%
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$160
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100%
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100%
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$140
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100%
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100%
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$120
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100%
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100%
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$100
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100%
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100%
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$90
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100%
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90%
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$80
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100%
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80%
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$70
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100%
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70%
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$69.99
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n/a
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69.99%
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$60
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n/a
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60%
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$50
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n/a
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50%
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$40
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n/a
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40%
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$30
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n/a
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30%
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$20
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n/a
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20%
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$10
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n/a
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10%
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$0
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n/a
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0%
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Auto-Callable Contingent Coupon Barrier Notes
Royal Bank of Canada |
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Auto-Callable Contingent Coupon Barrier Notes
Royal Bank of Canada |
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Principal at Risk — Investors in the Notes could lose all or a substantial portion of
their principal amount if there is a decline in the trading price of the Reference Stock between the Trade Date and the Valuation Date. If the Notes are not automatically called, a Trigger Event occurs, and the Final Stock Price on the
Valuation Date is less than the Initial Stock 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 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.
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The Protection Provided by the Trigger Price May Terminate on any Trading Day during the
Monitoring Period — If the closing price of the Reference Stock on any trading day during the Monitoring Period is less than the Trigger Price, you will be fully exposed at maturity to any decrease in the price of the Reference
Stock. Under these circumstances, if the Reference Stock Return is less than zero, you will lose 1% (or a fraction thereof) of the principal amount of your investment for every 1% (or a fraction thereof) that the Final Stock Price is
less than the Initial Stock Price. You will be subject to this potential loss of principal even if, after the Trigger Event, the price of the Reference Stock increases above the Trigger Price.
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The Notes Are Subject to an Automatic Call — If on any Observation Date beginning in
October 2019 (other than the final Observation Date), the closing price of the Reference Stock is greater than or equal to the Initial Stock Price, then the Notes will be automatically 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 the applicable Call Settlement Date. You will not receive any Contingent Coupons
after the Call Settlement Date. 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.
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You May Not Receive Any Contingent Coupons — We will not necessarily make any coupon
payments on the Notes. If the closing price of the Reference Stock on an Observation Date is less than the Coupon Barrier, we will not pay you the Contingent Coupon applicable to that Observation Date. If the closing price of the
Reference Stock is less than the Coupon Barrier on each of the 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 will be less than the Trigger Price.
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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 Stock. In addition, the total return on the Notes will vary based on the number of 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 Coupons or any other payment in respect of any
Observation Dates after the applicable Call Settlement Date. Since the Notes could be called as early as October 2019, the total return on the Notes could be minimal. If the Notes are not called, you may be subject to the full downside
performance of the 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
Stock.
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Your Return 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 bought a conventional senior interest bearing debt security of Royal Bank.
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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,
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Auto-Callable Contingent Coupon Barrier Notes
Royal Bank of Canada |
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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 other affiliate of ours 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.
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Owning the Notes Is Not the Same as Owning the Reference Stock — The return on your
Notes is unlikely to reflect the return you would realize if you actually owned the shares of the Reference Stock. For instance, you will not receive or be entitled to receive any dividend payments or other distributions on the
Reference Stock 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 Stock may have. Furthermore, the Reference Stock may appreciate substantially
during the term of the Notes, while your potential return will be limited to the applicable Contingent Coupons.
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There Is No Affiliation Between the Investment Advisor or the Index Sponsor and RBCCM, and
RBCCM Is Not Responsible for any Disclosure by the Investment Advisor or the Index Sponsor — We are not affiliated with the investment adviser of the Reference Stock or the index sponsor of its underlying index. However, we and
our affiliates may currently, or from time to time in the future, engage in business with these entities. Nevertheless, neither we nor our affiliates assume any responsibilities for the accuracy or the completeness of any information
that any other entity prepares. You, as an investor in the Notes, should make your own investigation into the Reference Stock and the companies in which it invests. None of these companies are involved in this offering, and have no
obligation of any sort with respect to your Notes. These companies 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.
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The Policies of the Reference Stock’s Investment Adviser Could Affect the Amount Payable on
the Notes and Their Market Value — The policies of the Reference Stock’s investment adviser concerning the management of the Reference Stock, additions, deletions or substitutions of the securities held by the Reference Stock
could affect the market price of shares of the Reference Stock and, therefore, the amount payable on the Notes and the market value of the Notes. The amount payable on the Notes and their market value could also be affected if the
Reference Stock’s investment adviser changes these policies, for example, by changing the manner in which it manages the Reference Stock, or if the Reference Stock’s investment adviser discontinues or suspends maintenance of the
Reference Stock, in which case it may become difficult to determine the market value of the Notes. The Reference Stock’s investment adviser have no connection to the offering of the Notes and have no obligations to you as an investor in
the Notes in making its decisions regarding the Reference Stock.
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Changes that Affect the Underlying Index of the Reference Stock Will Affect the Market Value
of the Notes and the Payments on the Notes — The policies of the sponsor of the underlying index of the Reference Stock concerning the calculation of that index, additions, deletions or substitutions of the components of that
index and the manner in which changes affecting those components, such as stock dividends, reorganizations or mergers, may be reflected in that index and, therefore, could affect the share price of the Reference Stock, the amount
payable on the Notes, if applicable, and the market value of the Notes prior to maturity. The amount payable on the Notes and their market value could also be affected if the sponsor changes these policies, for example, by changing the
manner in which it calculates the index, or if the calculation or publication of the index is discontinued or suspended.
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You Must Rely on Your Own Evaluation of the Merits of an Investment Linked to the Reference
Stock — In the ordinary course of their business, our affiliates may have expressed views on expected movement in the Reference Stock or the equity securities that they represent, and may do so in the future. These views or
reports may be communicated to our clients and clients of our affiliates. However, these views are subject to change from time to time. Moreover, other professionals who transact business in markets relating to the Reference Stock may
at any time have significantly different views from those of our affiliates. For these reasons, you are encouraged
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Auto-Callable Contingent Coupon Barrier Notes
Royal Bank of Canada |
• |
The Reference Stock and its Underlying Index Are Different — The performance of the
Reference Stock may not exactly replicate the performance of its underlying index, because the Reference Stock will reflect transaction costs and fees that are not included in the calculation of its underlying index. It is also possible
that the performance of the Reference Stock may not fully replicate or may in certain circumstances diverge significantly from the performance of its underlying index due to the temporary unavailability of certain securities in the
secondary market, the performance of any derivative instruments contained in such Reference Stock or due to other circumstances. The Reference Stock may use futures contracts, options, swap agreements, currency forwards and repurchase
agreements in seeking performance that corresponds to its underlying index and in managing cash flows.
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Management Risk — The Reference Stock is not managed according to traditional methods
of ‘‘active’’ investment management, which involve the buying and selling of securities based on economic, financial and market analysis and investment judgment. Instead, the Reference Stock, utilizing a ‘‘passive’’ or indexing
investment approach, attempts to approximate the investment performance of its underlying index by investing in a portfolio of securities that generally replicate its underlying index. Therefore, unless a specific security is removed
from its underlying index, the Reference Stock generally would not sell a security because the security’s issuer was in financial trouble. In addition, the Reference Stock is subject to the risk that the investment strategy of its
investment advisor may not produce the intended results.
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Our Business Activities May Create Conflicts of Interest — We and our affiliates
expect to engage in trading activities related to the Reference Stock or the securities held by the Reference Stock 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 prices of the Reference Stock, 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 GDX or the issuers of the securities held by GDX, 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 Stock. 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 price of the Reference Stock, and, therefore, the market value of the Notes.
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The Initial Estimated Value of the Notes Is Less than the Price to the Public – The
initial estimated value 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 price of the
Reference Stock, the borrowing rate we pay to issue securities of this kind, and the inclusion in the price to the public of the underwriting discount 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
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Auto-Callable Contingent Coupon Barrier Notes
Royal Bank of Canada |
• |
The Initial Estimated Value of the Notes 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.
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• |
Market Disruption Events and Adjustments – The payment at maturity, each 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.
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• |
The Securities Composing the Underlying Index of the GDX Are Concentrated in One Sector — All of the securities included in the underlying index of the GDX are issued by companies in the gold and silver mining sector. As a result, the securities that
will determine the performance of the GDX and the level of the underlying index, which the GDX seeks to replicate, are concentrated in one sector. Although an investment in the Notes will not give holders any ownership or other direct
interests in the securities composing the underlying index, the return on an investment in the Notes will be subject to certain risks associated with a direct equity investment in companies in this market sector. Accordingly, by
investing in the Notes, you will not benefit from the diversification which could result from an investment linked to companies that operate in multiple sectors.
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• |
An Investment in the Notes Is Subject to Risks Associated with the Gold and Silver Mining
Industries — All or substantially all of the stocks held by the GDX are issued by gold or silver mining companies. As a result, the stocks that will
determine the performance of the GDX are concentrated in one sector. Although an investment in the Notes will not give holders any ownership or other direct interests in the stocks held by the GDX, the return on the Notes will be
subject to certain risks associated with a direct equity investment in gold or silver mining companies.
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Auto-Callable Contingent Coupon Barrier Notes
Royal Bank of Canada |
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Auto-Callable Contingent Coupon Barrier Notes
Royal Bank of Canada |
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Auto-Callable Contingent Coupon Barrier Notes
Royal Bank of Canada |
(1) |
the weight of any single component security may not account for more than 20% of the total value of the underlying index;
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(2) |
the component securities are split into two subgroups–large and small, which are ranked by market capitalization weight in the underlying index. Large securities are defined as having a
starting index weight greater than or equal to 5%. Small securities are defined as having a starting index weight below 5%; and
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(3) |
the final aggregate weight of those component securities which individually represent more than 4.5% of the total value of the underlying index may not account for more than 45% of the
total index value.
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Auto-Callable Contingent Coupon Barrier Notes
Royal Bank of Canada |
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Auto-Callable Contingent Coupon Barrier Notes
Royal Bank of Canada |
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Auto-Callable Contingent Coupon Barrier Notes
Royal Bank of Canada |
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Auto-Callable Contingent Coupon Barrier Notes
Royal Bank of Canada |