RBC plans contingent coupon autocallables tied to CenturyLink, MetLife

By Angela McDaniels

Tacoma, Wash., Sept. 12 – Royal Bank of Canada plans to price autocallable contingent coupon barrier notes due September 2017 linked to the lesser performing of the common stocks of CenturyLink Inc. and MetLife, 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, 80% of its initial price, on the observation date for that quarter. The contingent coupon rate is expected to be 18.5% to 20.5% per year and will be set at pricing.

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 either stock finishes below its trigger price, in which case investors will receive a number of shares of the lesser-performing stock equal to $1,000 divided by its initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.

RBC Capital Markets, LLC is the underwriter.

The notes will price and settle September.

The Cusip number is 78013GBK0.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.