Published on 11/20/2017 in the Prospect News Structured Products Daily.
New Issue: RBC sells $2 million contingent coupon barrier autocalls on Russell, Nikkei, Stoxx
By Wendy Van Sickle
Columbus, Ohio, Nov. 20 – Royal Bank of Canada priced $2 million of autocallable contingent coupon barrier notes due Nov. 18, 2021 linked to the least performing of the Russell 200 index, the Euro Stoxx 50 index and the Nikkei 225 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8.3% if each index closes at or above its 75% coupon barrier on the observation date for that quarter.
The notes will be called at par if each index closes its initial level on any observation date.
The payout at maturity will be par unless any index finishes below its 75% trigger level, in which case investors will be fully exposed to any losses of the worst performing index.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
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| Issue: | Autocallable contingent coupon barrier notes
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| Underlying indexes: | Russell 2000, Nikkei 225, Euro Stoxx 50
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| Amount: | $2 million
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| Maturity: | Nov. 18, 2021
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| Coupon: | 8.3%, payable quarterly if each index 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 any index finishes below trigger level, in which case par plus return of the worst performing index
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| Call: | At par if each index closes above initial level on any observation date
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| Initial levels: | 1,464.095 for Russell, 22,028.32 for Nikkei and 3,545.72 for Stoxx
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| Coupon barrier/triggers: | 1,098.071 for Russell, 16,521.24 for Nikkei and 2,659.29 for Stoxx; 75% of initial levels
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| Pricing date: | Nov. 15
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| Settlement date: | Nov. 20
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| Agents: | RBC Capital Markets, LLC
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| Fees: | 3.25%
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| Cusip: | 78013XAY4
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