By Tali Rackner
Minneapolis, Feb. 9 – Royal Bank of Canada priced $120,000 of autocallable contingent coupon barrier notes due Jan. 27, 2021 linked to the lesser-performing of the stocks of Costco Wholesale Corp. and Nike, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8.5% if each stock closes at or above its 75% coupon barrier on the observation date for that quarter.
The notes will be called at par if each stock closes its initial price on any observation date beginning July 23, 2018.
The payout at maturity will be par unless either stock finishes below its 75% trigger price, in which case investors will be fully exposed to any losses of the lesser-performing stock.
RBC Capital Markets, LLC is the agent.
Issuer: | Royal Bank of Canada
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Issue: | Autocallable contingent coupon barrier notes
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Underlying stocks: | Costco Wholesale Corp. (Symbol: COST) and Nike, Inc. (Symbol: NKE)
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Amount: | $120,000
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Maturity: | Jan. 27, 2021
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Coupon: | 8.5%, payable quarterly if each stock closes at or above coupon barrier on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless either stock finishes below trigger price, in which case par plus return of the lesser-performing stock
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Call: | At par if each stock closes above initial price on any observation date on or after July 23, 2018
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Initial prices: | $194.38 for Costco and $66.39 for Nike
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Coupon barrier/triggers: | $145.79 for Costco and $49.79 for Nike; 75% of initial prices
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Pricing date: | Jan. 22
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Settlement date: | Jan. 25
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Agent: | RBC Capital Markets, LLC
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Fees: | 2.25%
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Cusip: | 78013XEC8
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