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RBC plans autocallable contingent coupon barrier notes on Ford, GM
New York, May 10 – Royal Bank of Canada plans to price autocallable contingent coupon barrier notes due May 23, 2019 linked to the lesser performing of the common stocks of Ford Motor Co. and General Motors Corp., according to an FWP filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annual rate of 8.5% to 9.5% if each stock closes at or above its coupon barrier, 65% of its initial level, on the review date for that quarter.
The notes will be called at par plus the coupon if each stock closes at or above its initial price on a review date starting on Nov. 20, 2017.
The payout at maturity will be par plus the final coupon unless either stock finishes below its 65% trigger level, in which case investors will lose 1% for each 1% that the lesser-performing stock’s final level is less than its initial level.
RBC Capital Markets, LLC is the agent.
The notes will price on May 19 and settle on May 24.
The Cusip number is 78012KR33.
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