Published on 1/23/2019 in the Prospect News Structured Products Daily.
New Issue: RBC prices $340,000 8.35% contingent coupon autocalls tied to Facebook
By Susanna Moon
Chicago, Jan. 23 – Royal Bank of Canada priced $340,000 of autocallable contingent coupon barrier notes due Jan. 21, 2022 linked to Facebook, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annual rate of 8.35% if the stock closes at or above its 65% coupon barrier on the observation date for that quarter.
The notes will be called at par if the stock closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par unless the stock finishes below its 65% trigger level, in which case investors will be fully exposed to any losses.
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 asset: | Facebook, Inc. (Symbol: FB)
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Amount: | $340,000
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Maturity: | Jan. 21, 2022
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Coupon: | 8.35% annualized, payable quarterly if stock closes at or above 65% coupon barrier on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless stock finishes below 65% trigger, in which case 1% loss per 1% decline
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Call: | At par if stock closes at or above initial level on any quarterly observation date beginning July 18, 2019
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Initial level: | $150.04
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Barrier level: | $97.53, 65% of initial level
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Pricing date: | Jan. 18
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Settlement date: | Jan. 24
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Agent: | RBC Capital Markets, LLC
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Fees: | 2.25%
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Cusip: | 78013XVK1
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