RBC eyes contingent coupon barrier autocallables tied to four stocks

By Sarah Lizee

Olympia, Wash., March 7 – Royal Bank of Canada plans to price autocallable contingent coupon barrier notes due March 18, 2022 linked to the least performing of the common stocks of Amazon.com, Inc., Facebook, Inc., Alphabet Inc. and Netflix Inc., according to an FWP filing with the Securities and Exchange Commission.

Each quarter, the notes pay a contingent coupon if each stock closes at or above its trigger price, 50% of its initial share price, on the observation date for that quarter. The contingent coupon rate is expected to be 9.55% to 10.55% per year and will be set at pricing.

Beginning Sept. 16, the notes will be 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.

The notes will price March 15.

The Cusip number is 78013X2X5.

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