RBC plans to price contingent coupon barrier autocalls on bank stocks

By Sarah Lizee

Olympia, Wash., May 28 – Royal Bank of Canada plans to price autocallable contingent coupon barrier notes due June 3, 2022 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 quarterly coupon at an annual rate of 8.25% to 9.25% if all the stocks close at or above their coupon barriers, 65% of their initial prices, on the applicable quarterly observation date.

The notes will be called at par plus the coupon if each stock closes above its initial price on any quarterly observation date starting on Nov. 29.

The payout at maturity will be par plus the final coupon unless any stock finishes below its 65% trigger price, in which case investors will lose 1% for each 1% that the least-performing stock’s final price is less than its initial price.

RBC Capital Markets, LLC is the agent.

The notes will price on May 29.

The Cusip number is 78013XNT1.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.