Published on 5/16/2018 in the Prospect News Structured Products Daily.
New Issue: RBC sells $2.68 million contingent coupon barrier autocallables on four tech stocks
By Wendy Van Sickle
Columbus, Ohio, May 16 – Royal Bank of Canada priced $2.68million of autocallable contingent coupon barrier notes due May 14, 2021 linked to the worst performing of the common 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 10.5% if each stock closes at or above its 50% coupon barrier on the related quarterly observation date.
The notes will be called at par if each stock closes at or above its initial price on any quarterly observation date after six months.
The payout at maturity will be par unless any stock finishes below its 50% trigger level, in which case investors will be fully exposed to any decline in the worst performing stock.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Autocallable contingent coupon barrier notes
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| Underlying stocks: | Amazon.com, Inc. (Symbol: AMZN), Facebook, Inc. (Symbol: FB), Alphatbet Inc. (Symbol: GOOGL), Netflix, Inc. (Symbol: NFLX)
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| Amount: | $2,684,000
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| Maturity: | May 14, 2021
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| Coupon: | 10.5%, payable each quarter each stock closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below trigger price, in which case full exposure to declines in worst performing stock
|
| Call: | At par if each stock closes above initial level on any quarterly review date after six months
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| Initial prices: | $1,602.91 for Amazon, $186.99 for Facebook, $1,103.38 for Alphabet, $326.46 for Netflix
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| Coupon barrier: | $801.46 for Amazon, $93.50 for Facebook, $551.69 for Alphabet, $163.23 for Netflix; 50% of initial prices
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| Trigger price: | $801.46 for Amazon, $93.50 for Facebook, $551.69 for Alphabet, $163.23 for Netflix; 50% of initial prices
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| Pricing date: | May 11
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| Settlement date: | May 16
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 2.25%
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| Cusip: | 78013XNN4
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