Published on 5/4/2017 in the Prospect News Structured Products Daily.
New Issue: RBC prices $2.79 million contingent coupon barrier autocallables tied to four stocks
By Devika Patel
Knoxville, Tenn., May 4 – Royal Bank of Canada priced $2.79 million of autocallable contingent coupon barrier notes due April 30, 2020 linked to the stocks of Amazon.com, Inc., Facebook, Inc., Alphabet Inc. and Netflix Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10% if each stock closes at or above the 50% trigger level 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 beginning July 26, 2017.
The payout at maturity will be par unless any stock finishes below the 50% 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: GOOGL) and Netflix Inc. (Symbol: NFLX)
|
| Amount: | $2,789,000
|
| Maturity: | April 30, 2020
|
| Coupon: | 10%, payable quarterly if each stock closes at or above trigger level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below trigger level, in which case 1% loss for each 1% decline of worst performing stock
|
| Call: | At par if each stock closes at or above initial price on any quarterly observation date beginning July 26, 2017
|
| Initial levels: | $909.29 for Amazon, $146.56 for Facebook, $889.14 for Alphabet and $150.17 for Netflix
|
| Trigger levels: | $454.65 for Amazon, $73.28 for Facebook, $444.57 for Alphabet and $75.09 for Netflix, 50% of initial levels
|
| Pricing date: | April 26
|
| Settlement date: | April 28
|
| Agents: | RBC Capital Markets, LLC
|
| Fees: | 2.25%
|
| Cusip: | 78012KL39
|
|
|
© 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.
