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RBC plans direct investment notes linked to small cap focus list
By Marisa Wong
Morgantown, W.Va., May 25 – Royal Bank of Canada plans to price direct investment notes due June 8, 2018 linked to the May 2017 RBC Capital Markets U.S. Equity Small Cap Focus List, according to an FWP filing with the Securities and Exchange Commission.
The list components are American Equity Investment Life Holding Co., AMC Entertainment Holdings Inc., Colony NorthStar, Inc., Criteo SA, Masonite International Corp., Five Below, Inc., InterXion Holding NV, Mueller Water Products, Inc., Proofpoint, Inc. and Western Alliance Bancorp. They are equally weighted.
Interest is payable quarterly. The amount of each interest payment, if any, will depend on the amount of dividends paid on each basket stock during the preceding quarter and will equal, for each $1,000 principal amount, 97.75% of the sum of the dividend amounts for each of the basket stocks.
The dividend amount for each stock equals (a) $1,000 divided by the initial price of the applicable stock multiplied by (b) the applicable component weighting multiplied by (c) 100% of the gross cash distributions (including ordinary and extraordinary dividends) per share declared by the applicable stock issuer where the date that the applicable stock has commenced trading ex-dividend on its primary U.S. securities exchange as to each relevant distribution occurs during the relevant interest calculation period.
For each $1,000 principal amount of notes, the payout at maturity will be the product of $977.50 and the percentage amount.
The percentage amount will equal an amount, expressed as a percentage, equal to (a) 100% plus (b) the sum of the weighted returns for the basket stocks. The payout will be less than par if the percentage amount is less than 102.3%.
RBC Capital Markets LLC is the underwriter.
The notes will price on May 26.
The Cusip number is 78013GDY8.
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