Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-259205
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|||
Pricing Supplement
Dated August 3, 2022
to the Product Prospectus Supplement No. CCBN-1 Dated September
14, 2021, the Prospectus Supplement Dated September 14, 2021 and
the Prospectus Dated September 14, 2021
|
$3,000,000
Auto-Callable Contingent Coupon Barrier Notes with
Memory Coupon Linked to the SPDR® S&P
500® ETF
Trust, Due August 7, 2024
Royal Bank of Canada
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||
Issuer:
|
Royal Bank of Canada
|
Stock Exchange Listing:
|
None
|
Trade Date:
|
August 3, 2022
|
Principal Amount:
|
$1,000 per Note
|
Issue Date:
|
August 8, 2022
|
Maturity Date:
|
August 7, 2024
|
Observation Dates:
|
Quarterly, as set forth below.
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Coupon Payment Dates:
|
Quarterly, as set forth below.
|
Valuation Date:
|
August 2, 2024
|
Contingent Coupon Rate:
|
10.30% per annum
|
Initial Price:
|
$408.06, which was the closing price of the Reference Asset on August 2, 2022.
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||
Final Price:
|
The closing price of the Reference Asset on the Valuation Date.
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||
Coupon Barrier:
|
$326.45, which is 80% of the Initial Price (rounded to two decimal places)
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||
Trigger Price:
|
$285.64, which is 70% of the Initial Price (rounded to two decimal places)
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||
Contingent Coupon and
Memory Coupon
Feature:
|
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, together with any Contingent Coupons that were not previously paid. You may not receive any Contingent Coupons during the term of the Notes.
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||
Payment at Maturity (if
held to maturity):
|
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, unless the Final Price is less than the Trigger Price. You will also receive the final Contingent
Coupon (and any previously unpaid Contingent Coupons) if the Final Price is greater than or equal to the Coupon Barrier.
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 under the circumstances described below, the cash value of those shares.
Investors will lose some or all of their principal amount if the Final Price is less than the Trigger Price.
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||
Physical Delivery
Amount:
|
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, subject
to adjustment as described in the product prospectus supplement.
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||
Automatic Call Feature:
|
If on any Observation Date, the closing price of the Reference Asset is greater than or equal to its Initial Price, the Notes will be
automatically called, and you will receive, on the related Coupon Payment Date, the principal amount, together with the related Contingent Coupon (and any previously unpaid Contingent Coupons.)
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CUSIP/ISIN:
|
78015QBS9 / US78015QBS93
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Per Note
|
Total
|
||
Price to public(1)
|
100.00%
|
$3,000,000
|
|
Underwriting discounts and commissions(1)
|
0.50%
|
$15,000
|
|
Proceeds to Royal Bank of Canada
|
99.50%
|
$2,985,000
|
|
|
Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon
Royal Bank of Canada |
General:
|
This pricing supplement relates to an offering of Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon (the “Notes”) linked to the SPDR® S&P
500® ETF Trust (the “Reference Asset”).
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|||
Issuer:
|
Royal Bank of Canada (“Royal Bank”)
|
|||
Trade Date:
|
August 3, 2022
|
|||
Issue Date:
|
August 8, 2022
|
|||
Valuation Date:
|
August 2, 2024
|
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Maturity Date:
|
August 7, 2024
|
|||
Denominations:
|
Minimum denomination of $1,000, and integral multiples of $1,000 thereafter.
|
|||
Contingent Coupon and
Memory Coupon
Feature:
|
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, together with any Contingent Coupons that were previously
unpaid.
• 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. For the avoidance of doubt, if an unpaid Contingent Coupon is paid on a subsequent
Coupon Payment Date, that unpaid Contingent Coupon will not be paid on any subsequent Coupon Payment Date.
|
|||
Contingent Coupon
Rate:
|
10.30% per annum (2.575% per quarter)
|
|||
Observation Dates and
Coupon Payment
Dates:
|
Quarterly, as set forth below.
|
|||
Observation Dates
|
Coupon Payment Dates
|
|||
November 2, 2022
|
November 7, 2022
|
|||
February 2, 2023
|
February 7, 2023
|
|||
May 2, 2023
|
May 5, 2023
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|||
August 2, 2023
|
August 7, 2023
|
|||
November 2, 2023
|
November 7, 2023
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|||
February 2, 2024
|
February 7, 2024
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|||
May 2, 2024
|
May 7, 2024
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Valuation Date
|
Maturity 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 Coupons 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.
|
|
|
Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon
Royal Bank of Canada |
Automatic Call Feature:
|
If on any Observation Date, the closing price of the Reference Asset is greater than or equal to its Initial Price, the Notes will be automatically called.
|
Payment if Called:
|
If the Notes are automatically called, then, on the Coupon Payment Date following the applicable Observation Date, for each $1,000 in principal amount, you will receive $1,000 plus the
Contingent Coupon(s) otherwise due on that Coupon Payment Date.
|
Initial Price:
|
The closing price of the Reference Asset on August 2, 2022, as set forth on the cover page of this document.
|
Coupon Barrier:
|
80% of the Initial Price, as set forth on the cover page of this document.
|
Trigger Price:
|
70% of the Initial Price, as set forth on the cover page of this document.
|
Final Price:
|
The closing price of the Reference Asset on the Valuation Date.
|
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 Price:
• 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. You will also receive the final Contingent Coupon (and any previously unpaid Contingent Coupons) if the Final Price
is greater than or equal to the Coupon Barrier.
• 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 under the circumstances described below, the
Cash Delivery Amount. If we deliver shares of the Reference Asset, fractional shares will be paid in cash
The value of the shares or cash 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 date that the Initial Price was determined to the Valuation Date.
Investors will lose some or all of their principal amount if the Final Price is less than the Trigger Price.
|
Physical Delivery
Amount:
|
For each $1,000 in principal amount, 2.45 shares of the Reference Asset, which is equal to $1,000 divided by the Initial Price (rounded to two decimal places). The
Physical Delivery Amount is subject to adjustment as described in the product prospectus supplement. Fractional shares will be paid in cash.
If, due to an event beyond our control, we determine it is impossible, impracticable (including unduly burdensome) or illegal for us to deliver shares of the Reference
Asset to you at maturity, we will pay the Cash Delivery Amount in lieu of delivering shares.
|
Cash Delivery Amount:
|
The product of the Physical Delivery Amount multiplied by the Final Price.
|
Market Disruption
Events:
|
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.
|
Calculation Agent:
|
RBC Capital Markets, LLC (“RBCCM”)
|
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 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
|
|
|
Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon
Royal Bank of Canada |
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 under “Supplemental Discussion of U.S. Federal Income Tax
Consequences,” which apply to the Notes
|
|
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.
|
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).
|
Terms Incorporated in
the Master Note:
|
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, as modified by this pricing supplement.
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|
|
Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon
Royal Bank of Canada |
|
|
Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon
Royal Bank of Canada |
Hypothetical Initial Price:
|
$100.00*
|
|
Hypothetical Physical Delivery Amount:
|
10 shares ($1,000 divided by $100)
|
|
Hypothetical Trigger Price and Coupon Barrier:
|
$70.00 and $80.00, which are 70% and 80% of the hypothetical Initial Price, respectively
|
|
Contingent Coupon Rate:
|
10.30% per annum (or 2.575% per quarter)
|
|
Contingent Coupon Amount:
|
$25.75 per quarter
|
|
Observation Dates:
|
Quarterly
|
|
Principal Amount:
|
$1,000 per Note
|
Hypothetical Final Price
|
Payment at Maturity as a
Percentage of Principal
Amount |
Payment at Maturity (assuming that the Notes
were not previously called)
|
Physical Delivery
Amount (Number of
Shares of the
Reference Asset) |
Cash Delivery
Amount
|
$150.00
|
100.00%*
|
$1,000.00*
|
n/a
|
n/a
|
$140.00
|
100.00%*
|
$1,000.00*
|
n/a
|
n/a
|
$130.00
|
100.00%*
|
$1,000.00*
|
n/a
|
n/a
|
$120.00
|
100.00%*
|
$1,000.00*
|
n/a
|
n/a
|
$110.00
|
100.00%*
|
$1,000.00*
|
n/a
|
n/a
|
$100.00
|
100.00%*
|
$1,000.00*
|
n/a
|
n/a
|
$90.00
|
100.00%*
|
$1,000.00*
|
n/a
|
n/a
|
$80.00
|
100.00%*
|
$1,000.00*
|
n/a
|
n/a
|
$75.00
|
100.00%
|
$1,000.00
|
n/a
|
n/a
|
$70.00
|
100.00%
|
$1,000.00
|
n/a
|
n/a
|
$69.99
|
69.99%
|
Physical or Cash Delivery Amount
|
10
|
$699.90
|
$60.00
|
60.00%
|
Physical or Cash Delivery Amount
|
10
|
$600.00
|
$50.00
|
50.00%
|
Physical or Cash Delivery Amount
|
10
|
$500.00
|
$40.00
|
40.00%
|
Physical or Cash Delivery Amount
|
10
|
$400.00
|
$30.00
|
30.00%
|
Physical or Cash Delivery Amount
|
10
|
$300.00
|
$20.00
|
20.00%
|
Physical or Cash Delivery Amount
|
10
|
$200.00
|
$10.00
|
10.00%
|
Physical or Cash Delivery Amount
|
10
|
$100.00
|
$0.00
|
0.00%
|
Physical or Cash Delivery Amount
|
10
|
$0.00
|
|
|
Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon
Royal Bank of Canada |
|
|
Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon
Royal Bank of Canada |
• |
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 date that the Initial Price was determined and the Valuation Date. If the Notes are not called and the Final Price 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 Initial Price to the Final Price. 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.
|
• |
The Notes Are Subject to an Automatic Call — The Notes may be automatically called on any quarterly Observation Date beginning in November 2022 (other than the final
Observation 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
(together with any previously unpaid Contingent Coupons). You will not receive any Contingent Coupons after the Notes are called. 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 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 if the Final Price is less than the Trigger Price. Notwithstanding the
memory coupon feature of the Notes, it is possible that any unpaid Contingent Coupons will remain unpaid for the remaining term of the Notes.
|
• |
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
automatic call. Further, if the Notes are automatically 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 November 2022, 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.
|
• |
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 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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|
|
Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon
Royal Bank of Canada |
• |
Owning the Notes Is Not the Same as Owning the Securities Represented by the Reference Asset — The return on your Notes is unlikely to reflect the return you would
realize if you actually owned shares of the Reference Asset or the securities represented by the Reference Asset. For instance, you will not receive or be entitled to receive any dividend payments or other distributions on these
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 these securities 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.
|
• |
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.
|
• |
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.
|
• |
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.
|
• |
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.
|
|
|
Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon
Royal Bank of Canada |
• |
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 the 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.
|
• |
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.
|
• |
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.
|
• |
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
|
|
|
Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon
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.
|
• |
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 movements 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.
|
• |
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 share price 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 or securities represented by 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 share price of the Reference Asset, and, therefore, the market value of the Notes.
|
|
|
Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon
Royal Bank of Canada |
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Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon
Royal Bank of Canada |
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Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon
Royal Bank of Canada |
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Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon
Royal Bank of Canada |
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Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon
Royal Bank of Canada |
|
|
Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon
Royal Bank of Canada |