Published on 2/2/2018 in the Prospect News Structured Products Daily.
New Issue: RBC sells $829,000 contingent coupon barrier autocalls on Apple, JPMorgan
By Tali Rackner
Minneapolis, Feb. 2 – Royal Bank of Canada priced $829,000 of autocallable contingent coupon barrier notes due Jan. 29, 2021 linked to common stocks of Apple Inc. and JPMorgan Chase & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8.8% if each underlying stock closes at or above its 70% coupon barrier on any determination date for that quarter.
The notes will be called at par if each stock closes at or above its initial price on any coupon payment date after six months.
The payout at maturity will be par plus the contingent coupon unless either stock finishes below the 70% 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: | Apple Inc. (Symbol: AAPL), JPMorgan Chase & Co. (Symbol: JPM)
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| Amount: | $829,000
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| Maturity: | Jan. 29, 2021
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| Coupon: | 8.8%, payable quarterly if each stock closes at or above coupon barrier on observation date for that quarter
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| Price: | Par of $1,000
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| Payout at maturity: | Par plus contingent coupon 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 26, 2018
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| Initial prices: | $171.51 for Apple and $116.32 for JPMorgan
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| Coupon barrier/triggers: | $120.06 for Apple and $81.42 for JPMorgan; 70% of initial prices
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| Pricing date: | Jan. 26
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| Settlement date: | Jan. 31
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 2.25%
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| Cusip: | 78013XEF1
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