Published on 5/20/2019 in the Prospect News Structured Products Daily.
New Issue: RBC sells $437,000 contingent coupon barrier autocalls on two stocks
By Sarah Lizee
Olympia, Wash., May 20 – Royal Bank of Canada priced $437,000 of autocallable contingent coupon barrier notes due May 19, 2022 linked to the least performing of the stocks of Apple Inc. and Facebook, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annual rate of 11% if both stocks close at or above their coupon barriers, 70% of their initial prices, on the applicable quarterly observation date.
The notes will be called at par plus the coupon if each stock closes at or above its initial price on any quarterly observation date starting on Nov. 15.
The payout at maturity will be par plus the final coupon unless either stock finishes below its 70% trigger price, in which case investors will lose 1% for each 1% that the least-performing stock’s final price is less than its initial price.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
|
| Issue: | Autocallable contingent coupon barrier notes
|
| Underlying stocks: | Apple Inc. and Facebook, Inc.
|
| Amount: | $437,000
|
| Maturity: | May 19, 2022
|
| Coupon: | 11%, payable quarterly if each stock closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either stock finishes below trigger price, in which case par plus return of the least-performing stock
|
| Call: | Starting Nov. 15, automatically at par if each stock closes at or above initial price on any quarterly observation date
|
| Initial prices: | $190.92 for Apple, $186.27 for Facebook
|
| Coupon barriers: | $133.64 for Apple, $130.39 for Facebook; 70% of initial prices
|
| Trigger prices: | $133.64 for Apple, $130.39 for Facebook; 70% of initial prices
|
| Pricing date: | May 15
|
| Settlement date: | May 20
|
| Agent: | RBC Capital Markets, LLC
|
| Fees: | 2.25%
|
| Cusip: | 78013X7F9
|
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