Published on 9/18/2017 in the Prospect News Structured Products Daily.
New Issue: RBC prices $1.2 million contingent coupon autocallables linked to stocks
By Angela McDaniels
Tacoma, Wash., Sept. 18 – Royal Bank of Canada priced $1.2 million of autocallable contingent coupon barrier notes due Sept. 18, 2020 linked to the least performing of the common stocks of Alphabet Inc., Amazon.com, Inc., Facebook Inc. and Netflix Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 11.05% per year if each stock closes at or above its trigger price, 55% of its initial price, on the observation date for that quarter.
The notes will be automatically called at par if each stock closes at or above its initial share price on any quarterly observation date.
The payout at maturity will be par unless any stock finishes below its trigger price, in which case investors will be exposed to the decline of the least-performing stock from its initial share price.
RBC Capital Markets, LLC is the underwriter.
Issuer: | Royal Bank of Canada
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Issue: | Autocallable contingent coupon barrier notes
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Underlying stocks: | Alphabet Inc. (Symbol: GOOGL), Amazon.com, Inc. (Symbol: AMZN), Facebook Inc. (Symbol: FB) and Netflix Inc. (Symbol: NFLX)
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Amount: | $1,195,000
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Maturity: | Sept. 18, 2020
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Coupon: | 11.05% per year, payable quarterly if each stock closes at or above trigger price on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless any stock finishes below trigger price, in which case exposure to decline of least-performing stock from initial share price
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Call: | Automatically at par if each stock closes at or above initial share price on any quarterly observation date
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Initial share prices: | $986.79 for Amazon, $171.64 for Facebook, $935.29 for Alphabet and $182.35 for Netflix
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Trigger prices: | $542.74 for Amazon, $94.40 for Facebook, $514.41 for Alphabet and $100.29 for Netflix; 55% of initial prices
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Pricing date: | Sept. 15
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Settlement date: | Sept. 20
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Underwriter: | RBC Capital Markets, LLC
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Fees: | 2.25%
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Cusip: | 78012K6A0
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