Published on 8/1/2018 in the Prospect News Structured Products Daily.
New Issue: RBC prices $645,000 9% contingent coupon autocalls on Apple, Facebook
By Susanna Moon
Chicago, Aug. 1 – Royal Bank of Canada priced $645,000 of autocallable contingent coupon barrier notes due July 30, 2021 linked to the lesser performing of the common stocks of Apple Inc. and Facebook, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annual rate of 9% if each stock closes at or above its 70% 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 level on any quarterly observation date.
The payout at maturity will be par unless either stock finishes below its 70% trigger level, in which case investors will be fully exposed to any losses of the worse performing stock.
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 assets: | Apple Inc. (Symbol: AAPL), Facebook, Inc. (Symbol: FB)
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| Amount: | $645,000
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| Maturity: | July 30, 2021
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| Coupon: | 10.2% annualized, payable quarterly if each stock closes at or above 70% coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless either stock finishes below 70% trigger, in which case 1% loss per 1% decline of worse performing stock
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| Call: | At par if each stock closes at or above initial level on any quarterly observation date beginning Jan. 28, 2019
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| Initial levels: | $190.98 for Apple, $174.89 for Facebook
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| Barrier levels: | $133.69 for Apple, $122.42 for Facebook, 70% of initial levels
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| Pricing date: | July 27
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| Settlement date: | July 31
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 2.25%
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| Cusip: | 78013XQT8
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