New Issue: RBC sells $4 million 8.3% contingent coupon autocalls tied to indexes

By Susanna Moon

Chicago, Nov. 22 – Royal Bank of Canada priced $4 million of autocallable contingent coupon barrier notes due Nov. 20, 2019 linked to the lesser performing of the Russell 2000 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes pay a contingent monthly coupon at an annual rate of 8.3% if each index closes at or above its 70% coupon barrier on the observation date for that month.

The notes will be called at par if each index closes at or above its initial level on any observation date.

The payout at maturity will be par unless either index finishes below its 70% trigger level, in which case investors will be fully exposed to any losses of the worse performing index.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Autocallable contingent coupon barrier notes
Underlying indexes:	Russell 2000 index, S&P 500 index
Amount:	$4 million
Maturity:	Nov. 20, 2019
Coupon:	7.3% annualized, payable monthly if each index closes at or above 70% coupon barrier on observation date for that month
Price:	Par
Payout at maturity:	Par unless either index finishes below 70% trigger, in which case 1% loss per 1% decline of worse performing index
Call:	At par if each index closes at or above initial level on any observation date
Initial levels:	1,464.095 for Russell, 2,568.90 for S&P
Trigger levels:	1,027.502 for Russell, 1,798.23 for S&P; 70% of initial levels
Pricing date:	Nov. 15
Settlement date:	Nov. 20
Underwriter:	RBC Capital Markets, LLC
Fees:	0.5%
Cusip:	78013XAX6

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