Published on 8/7/2019 in the Prospect News Structured Products Daily.
New Issue: RBC sells $1.9 million contingent coupon barrier autocalls on two stocks
By Kiku Steinfeld
Chicago, Aug. 7 – Royal Bank of Canada prices $1.9 million of autocallable contingent coupon barrier notes due July 29, 2021 linked to the least performing of the stocks of Boeing Co. and L3Harris Technologies, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annual rate of 10.5% if both stocks close at or above their coupon barriers, 70% of their initial prices, on the applicable quarterly observation date.
The notes will be called at par plus the coupon if each stock closes at or above its initial price on any quarterly observation date.
The payout at maturity will be par unless either stock finishes below its 70% trigger price, in which case investors will receive a number of shares of the lesser performing reference stock equal to the principal amount dived by its initial stock price or, at the election of the issuer, the same amount in cash.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
|
| Issue: | Autocallable contingent coupon barrier notes
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| Underlying stocks: | Boeing Co. and L3Harris Technologies, Inc.
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| Amount: | $1,900,000
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| Maturity: | July 29, 2021
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| Coupon: | 10.5%, 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 a number of shares of the lesser performing reference stock equal to the principal amount dived by its initial stock price or, at the election of the issuer, the same amount in cash
|
| Call: | Automatically at par plus the coupon if each stock closes at or above initial price on any quarterly observation date
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| Initial prices: | $348.09 for Boeing, $200.67 for L3Harris
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| Coupon barriers: | $243.66 for Boeing, $140.47 for L3Harris; 70% of initial prices
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| Trigger prices: | $243.66 for Boeing, $140.47 for L3Harris; 70% of initial prices
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| Pricing date: | July 25
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| Settlement date: | July 30
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 2.25%
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| Cusip: | 78013GHX6
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