RBC plans 11%-12% contingent coupon autocalls tied to tech stocks

By Susanna Moon

Chicago, Aug. 21 – Royal Bank of Canada plans to price autocallable contingent coupon barrier notes due Aug. 27, 2021 linked to the least 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 pay a contingent quarterly coupon at an annual rate of 11% to 12% if each stock closes at or above its 60% 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 after six months.

The payout at maturity will be par unless either stock finishes below its 60% 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.

The notes will price on Aug. 24.

The Cusip number is 78013XA81.

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