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Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-227001
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Pricing Supplement
Dated March 31, 2021
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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$1,000,000
Issuer Callable Contingent Coupon Barrier Notes
Linked to the SPDR® S&P® Retail ETF, Due April 5,
2023
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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March 31, 2021
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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 6, 2021
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Maturity Date:
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April 5, 2023
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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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March 31, 2023
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Contingent Coupon Rate:
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8.30% per annum
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Initial Price:
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$89.21, which was the closing price of the Reference Asset on the Trade Date.
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Final Price:
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The closing price of the Reference Asset on the Valuation Date.
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Trigger Price and
Coupon Barrier:
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$71.37, which is 80% of the Initial Price (rounded to two decimal places)
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Contingent Coupon:
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If the closing price of the Reference Asset 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 Price:
For each $1,000 in principal amount, $1,000 plus the Contingent Coupon at maturity, unless the Final Price is less than the Trigger Price.
If the Final Price is less than the Trigger Price, then the investor will receive at maturity, for each $1,000 in principal amount, the number of shares
of the Reference Asset equal to the Physical Delivery Amount, or at our election, the cash value of those shares.
Investors will lose some or all of their principal amount if the Final Price of the Reference Asset is less than the Trigger Price.
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Physical Delivery
Amount:
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For each $1,000 principal amount, 11.21 shares of the Reference Asset, which is equal to the principal amount divided by the Initial Price (rounded to two
decimal places), subject to adjustment as described in the product prospectus supplement.
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Call Feature:
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The Notes may be called at our discretion on any Coupon Payment Date (other than the final Coupon Payment Date), if we send prior written notice, as
described below.
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CUSIP:
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78013GL78
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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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$1,000,000
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Underwriting discounts and commissions(1)
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1.00%
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$10,000
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Proceeds to Royal Bank of Canada
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99.00%
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$990,000
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Issuer Callable Contingent Coupon Barrier Notes
Royal Bank of Canada
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General:
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This pricing supplement relates to an offering of Issuer Callable Contingent Coupon Barrier Notes (the “Notes”) linked to the SPDR® S&P® Retail ETF
(the “Reference Asset”).
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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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March 31, 2021
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Issue Date:
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April 6, 2021
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Valuation Date:
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March 31, 2023
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Maturity Date:
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April 5, 2023
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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 Asset 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 Asset 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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8.30% per annum (2.075% per quarter)
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Observation Dates:
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Quarterly, on June 30, 2021, September 30, 2021, December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022, December 30, 2022 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 6, 2021, October 5, 2021, January 5, 2022, April 5, 2022, July 6, 2022, October 5, 2022, January 5, 2023, April 5, 2023 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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The Notes may be called at our discretion on any Coupon Payment Date (other than the final Coupon Payment Date) if we send written notice to the trustee at least three business days prior to
that Coupon Payment Date.
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Payment if Called:
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If the Notes are called, then, on the applicable Coupon Payment Date, for each $1,000 principal amount, you will receive $1,000 plus the Contingent Coupon otherwise due on that Coupon Payment
Date (if payable).
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Initial Price:
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The closing price of the Reference Asset on the Trade Date, as set forth on the cover page
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Issuer Callable Contingent Coupon Barrier Notes
Royal Bank of Canada
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of this pricing supplement.
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Final Price:
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The closing price of the Reference Asset on the Valuation Date.
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Trigger Price and
Coupon Barrier:
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80% of the Initial Price, as set forth on the cover page of this pricing supplement.
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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 an amount based on the Final Price of the Reference Asset:
• If the Final Price is greater than or equal to the 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 Price is below the Trigger Price, you will receive at maturity, for each $1,000 in principal amount, the number of shares of the Reference Asset equal to the Physical Delivery Amount, or at our election, the Cash
Delivery Amount. If we elect to deliver shares of the Reference Asset, fractional shares will be paid in cash.
The value of the cash or shares that you will 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 Reference Asset from the Trade Date to the Valuation Date.
Investors will lose some or all of their principal amount if the Final Price of the Reference Asset is less than the Trigger Price.
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Physical Delivery
Amount:
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For each $1,000 in principal amount, a number of shares of the Reference Asset equal to the principal amount divided by the Initial Price, as set forth on the cover page of
this pricing supplement, subject to adjustment as described in the product prospectus supplement. Fractional shares will be paid in cash.
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Cash Delivery Amount:
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The product of the Physical Delivery Amount multiplied by the Final Price.
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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 Asset will result in the postponement of an Observation Date or the Valuation Date, as described in the
product prospectus supplement.
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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
contingent income-bearing derivative contract linked to the Reference Asset 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 dated September 10, 2018 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,
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Issuer Callable Contingent Coupon Barrier Notes
Royal Bank of Canada
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Luxembourg as described under “Description of Debt Securities—Ownership and Book-Entry Issuance” in the prospectus dated September 7, 2018). | |
Terms Incorporated in
the Master Note:
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All of the terms appearing on the cover page and above the item captioned “Secondary Market” on 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 dated September 10, 2018, as modified by this pricing supplement.
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Issuer Callable Contingent Coupon Barrier Notes
Royal Bank of Canada
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Issuer Callable Contingent Coupon Barrier Notes
Royal Bank of Canada
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Hypothetical Initial Price:
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$100.00*
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Hypothetical Physical Delivery Amount:
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10 shares ($1,000 divided by $100)
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Hypothetical Trigger Price and Coupon Barrier:
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$80.00, which is 80% of the hypothetical Initial Price
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Contingent Coupon Rate:
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8.30% per annum (or 2.075% per quarter)
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Contingent Coupon Amount:
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$20.75 per quarter
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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 Price
of the Reference Asset
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Payment at Maturity as a
Percentage of Principal
Amount
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Payment at Maturity (assuming that the Notes
were not previously called)
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Physical Delivery
Amount (Number of
Shares of the
Reference Asset)
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Cash Delivery
Amount
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$150.00
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102.075%
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$1,020.75*
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n/a
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n/a
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$140.00
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102.075%
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$1,020.75*
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n/a
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n/a
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$130.00
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102.075%
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$1,020.75*
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n/a
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n/a
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$120.00
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102.075%
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$1,020.75*
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n/a
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n/a
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$110.00
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102.075%
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$1,020.75*
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n/a
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n/a
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$100.00
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102.075%
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$1,020.75*
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n/a
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n/a
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$90.00
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102.075%
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$1,020.75*
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n/a
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n/a
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$80.00
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102.075%
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$1,020.75*
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n/a
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n/a
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$79.99
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79.99%
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Physical or Cash Delivery Amount
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10
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$799.90
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$70.00
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70.00%
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Physical or Cash Delivery Amount
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10
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$700.00
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$60.00
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60.00%
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Physical or Cash Delivery Amount
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10
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$600.00
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$50.00
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50.00%
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Physical or Cash Delivery Amount
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10
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$500.00
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$40.00
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40.00%
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Physical or Cash Delivery Amount
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10
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$400.00
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$30.00
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30.00%
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Physical or Cash Delivery Amount
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10
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$300.00
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$20.00
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20.00%
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Physical or Cash Delivery Amount
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10
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$200.00
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$10.00
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10.00%
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Physical or Cash Delivery Amount
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10
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$100.00
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$0.00
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0.00%
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Physical or Cash Delivery Amount
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10
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$0.00
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Issuer Callable Contingent Coupon Barrier Notes
Royal Bank of Canada
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Issuer Callable Contingent Coupon Barrier Notes
Royal Bank of Canada
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• |
You May Lose All or a Portion of 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 trading price of the Reference Asset between the Trade Date and the Valuation Date. If the Notes are not called and the Final Price on the Valuation Date is less than the
Trigger Price, the value of the shares of the Reference Asset or 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 Asset from the Trade
Date to the Valuation Date. If you receive shares of the Reference Asset, their value could decrease between the Valuation Date and the Maturity 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 Notes Are Subject to an Issuer Call — We may call the Notes at our discretion on any Coupon Payment Date, other than the
final Coupon Payment Date. If the Notes are 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 the Notes are called. You may be unable to reinvest your proceeds from the issuer 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. We are more likely to call the Notes if we anticipate that the yield on the Notes will exceed that payable on our conventional debt securities.
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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 Asset 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 Asset 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 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 Asset. 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 issuer 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
Coupon Payment Date. Since the Notes could be called as early as the first Coupon Payment Date, 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 Asset 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 Asset.
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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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•
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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, your receipt of any Contingent Coupons, 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
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Issuer Callable Contingent Coupon Barrier Notes
Royal Bank of Canada
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• |
Owning the Notes Is Not the Same as Owning the Reference Asset — The return on your Notes is unlikely to reflect the return
you would realize if you actually owned the Reference Asset. For instance, you will not receive or be entitled to receive any dividend payments or other distributions on the Reference Asset 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 Asset may have. Furthermore, the Reference Asset may appreciate substantially during the term of the Notes, while your potential return will be
limited to the applicable Contingent Coupon payments.
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The Payments on the Notes Are Subject to Postponement Due to 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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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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• |
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 Asset, 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 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 and 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.
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• |
The Initial Estimated Value of the Notes 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.
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Issuer Callable Contingent Coupon Barrier Notes
Royal Bank of Canada
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• |
The Reference Asset and its Underlying Index Are Different — The performance of the Reference Asset may not exactly replicate the performance of its underlying index,
because the Reference Asset 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 Asset 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
Asset or due to other circumstances. The Reference Asset 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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• |
An Investment in the Notes Is Subject to Management Risk — The Reference Asset 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 Asset, 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 Asset generally would not sell a security because the security’s issuer was in financial trouble. In addition, the Reference Asset is subject to the risk that the investment strategy of its investment
advisor may not produce the intended results.
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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 Asset 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 Asset 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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•
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The Policies of the Reference Asset’s Investment Adviser Could Affect the Amount Payable on the Notes and Their Market Value — The policies of the Reference Asset’s
investment adviser concerning the management of the Reference Asset, additions, deletions or substitutions of the securities held by the Reference Asset could affect the market price of shares of the Reference Asset 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 Asset’s investment adviser changes these policies, for example, by changing
the manner in which it manages the Reference Asset, or if the Reference Asset’s investment adviser discontinues or suspends maintenance of the Reference Asset, in which case it may become difficult to determine the market
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Issuer Callable Contingent Coupon Barrier Notes
Royal Bank of Canada
|
• |
Changes that Affect the Underlying Index of the Reference Asset 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 Asset 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 Asset, 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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• |
An Investment in the Notes Is Subject to Risks Relating to the Retail Sector — The securities held by the XRT are issued by
companies in the retail sector. Accordingly, the performance of the Notes will be adversely affected if the performance of companies in that sector do not perform well. By investing in the Notes, you will not obtain the benefit of
diversification that might be associated with an investment linked to a more diversified set of companies.
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• |
You Must Rely on Your Own Evaluation of the Merits of an Investment Linked to the Reference Asset — In the ordinary course
of their business, our affiliates may have expressed views on expected movement in the Reference Asset 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 Asset may at any time have significantly different views
from those of our affiliates. For these reasons, you are encouraged to derive information concerning the Reference Asset from multiple sources, and you should not rely solely on views expressed by our affiliates.
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•
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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 Asset or the securities
held by the Reference Asset 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 Asset, 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 Reference Asset or the issuers of the
securities held by the Reference Asset, 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 Asset. 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 Asset, and, therefore, the market value of the Notes.
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Issuer Callable Contingent Coupon Barrier Notes
Royal Bank of Canada
|
|
|
Issuer Callable Contingent Coupon Barrier Notes
Royal Bank of Canada
|
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Issuer Callable Contingent Coupon Barrier Notes
Royal Bank of Canada
|
|
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Issuer Callable Contingent Coupon Barrier Notes
Royal Bank of Canada
|
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Issuer Callable Contingent Coupon Barrier Notes
Royal Bank of Canada
|
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Issuer Callable Contingent Coupon Barrier Notes
Royal Bank of Canada
|
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