Published on 4/11/2017 in the Prospect News Structured Products Daily.
New Issue: RBC prices $1.69 million of contingent coupon barrier autocallables linked to MetLife
By Devika Patel
Knoxville, Tenn., April 11 – Royal Bank of Canada priced $1.69 million of autocallable contingent coupon barrier notes due April 11, 2019 linked to the common stock of MetLife, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 9.05% if the stock closes at or above the 75% barrier price on the observation date for that quarter.
The notes will be called at par plus the coupon if the stock closes at or above its initial price on any quarterly observation date beginning Oct. 9, 2017.
The payout at maturity will be par plus the coupon unless the stock finishes below the 75% barrier price, in which case investors will receive a number of MetLife shares equal to the principal divided by the initial price.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Autocallable contingent coupon barrier notes
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| Underlying stock: | MetLife, Inc. (Symbol: MET)
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| Amount: | $1,685,000
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| Maturity: | April 11, 2019
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| Coupon: | 9.05%, payable quarterly if stock closes at or above barrier price on observation date for that quarter
|
| Price: | Par of $1,000
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| Payout at maturity: | Par plus the coupon unless stock finishes below barrier price, in which case a number of MetLife shares equal to the principal divided by the initial price
|
| Call: | At par plus coupon if stock closes at or above initial price on any quarterly observation date beginning Oct. 9, 2017
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| Initial price: | $52.61
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| Barrier price: | $39.46, 75% of initial price
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| Pricing date: | April 7
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| Settlement date: | April 12
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| Agents: | RBC Capital Markets, LLC
|
| Fees: | 1.75%
|
| Cusip: | 78013GDP7
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