By Susanna Moon
Chicago, Dec. 22 – Royal Bank of Canada priced $507,000 of autocallable contingent coupon barrier notes due Dec. 11, 2020 linked to the lesser performing of the common stocks of Home Depot, Inc. and Lowe’s Cos., Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annual rate of 8.05% if each stock closes at or above its 75% coupon barrier on the observation date for that quarter.
The notes will be called at par if each stock closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par unless either stock finishes below its 75% trigger level, in which case investors will be fully exposed to any losses of the worse performing stock.
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 stocks: | Home Depot, Inc. (Symbol: HD) and Lowe’s Cos., Inc. (Symbol: LOW)
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Amount: | $507,000
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Maturity: | Dec. 11, 2020
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Coupon: | 8.05% annualized, payable quarterly if each stock closes at or above 75% coupon barrier on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless either stock finishes below 75% trigger, in which case 1% loss per 1% decline of worse performing index
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Call: | At par if each stock closes at or above initial level on any quarterly observation date beginning June 8, 2018
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Initial levels: | $183.41 for Home Depot and $85.60 for Lowe’s
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Trigger levels: | $137.56 for Home Depot and $64.20 for Lowe’s; 75% of initial levels
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Pricing date: | Dec. 8
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Settlement date: | Dec. 13
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Underwriter: | RBC Capital Markets, LLC
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Fees: | 2.25%
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Cusip: | 78013XBF4
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