Published on 2/8/2017 in the Prospect News Structured Products Daily.
New Issue: RBC sells $1.5 million contingent coupon barrier autocallables tied to tech stocks
By Wendy Van Sickle
Columbus, Ohio, Feb. 8 – Royal Bank of Canada priced $1.5 million of autocallable contingent coupon barrier notes due Aug. 9, 2018 linked to the least performing of three common stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The underlying companies are Amazon.com, Inc., Facebook, Inc. and Alphabet Inc.
The notes will pay a contingent quarterly coupon at an annual rate of 13.5% if each stock closes at or above the 75% coupon barrier on the observation date for that quarter.
The notes will be called at par if each stock closes at or above its initial price on any quarterly observation date.
The payout at maturity will be par unless any stock finishes below the 75% trigger level, in which case investors will lose 1% for each 1% decline of the worst performing stock.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Autocallable contingent coupon barrier notes
|
| Underlying stocks: | Amazon.com, Inc. (Symbol: AMZN), Facebook, Inc. (Symbol: FB), Alphabet Inc. (Symbol: GOOG)
|
| Amount: | $1.5 million
|
| Maturity: | Aug. 9, 2018
|
| Coupon: | 13.5%, payable quarterly if each stock closes at or above 75% coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below trigger level, in which case full exposure to any losses of worst performing fund
|
| Call: | At par if each stock closes at or above initial price on any quarterly observation date
|
| Initial levels: | $807.64 for Amazon, $132.06 for Facebook, $801.34 for Alphabet
|
| Trigger/barrier levels: | $605.73 for Amazon, $99.05 for Facebook, $601.01 for Alphabet; 75% of initial levels
|
| Pricing date: | Feb. 6
|
| Settlement date: | Feb. 9
|
| Agent: | RBC Capital Markets, LLC
|
| Fees: | 2.25%
|
| Cusip: | 78012KZX8
|
|
|
© 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.
