Published on 10/18/2018 in the Prospect News Structured Products Daily.
New Issue: RBC sells $1.36 million contingent coupon barrier autocalls on stocks
By Sarah Lizee
Olympia, Wash., Oct. 18 – Royal Bank of Canada priced $1.36 million of autocallable contingent coupon barrier notes due Oct. 21, 2021 linked to the least performing of the common stocks of Bank of America Corp., Citigroup 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 8.45% if each stock closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes will be called at par if each stock closes above its initial price on any observation date after six months.
The payout at maturity will be par unless any stock finishes below its 70% trigger price, in which case investors will be fully exposed to any losses of the least-performing stock.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
|
| Issue: | Autocallable contingent coupon barrier notes
|
| Underlying stocks: | Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co.
|
| Amount: | $1,364,000
|
| Maturity: | Oct. 21, 2021
|
| Coupon: | 8.45%, payable quarterly if each stock closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below trigger price, in which case par plus return of the least-performing stock
|
| Call: | At par if each stock closes above initial price on any observation date after six months
|
| Initial prices: | $28.53 for BofA, $69.71 for Citi, $108.62 for JPM
|
| Coupon barrier/triggers: | $19.97 for BofA, $48.80 for Citi, $76.03 for JPM, 70% of initial prices
|
| Pricing date: | Oct. 16
|
| Settlement date: | Oct. 19
|
| Agent: | RBC Capital Markets, LLC
|
| Fees: | 2.25%
|
| Cusip: | 78013XL30
|
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