Published on 2/15/2017 in the Prospect News Structured Products Daily.
New Issue: RBC prices $792,000 contingent coupon barrier autocallables linked to indexes
By Wendy Van Sickle
Columbus, Ohio, Feb. 15 – Royal Bank of Canada priced $792,000 of autocallable contingent coupon barrier notes due Feb. 13, 2020 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at an annual rate of 7.5% if each index closes at or above its trigger level, 75% of its initial level, on the observation date for that quarter.
Beginning in February 2018, the notes will be called at par if each index closes above its initial level on any interest payment date.
The payout at maturity will be par unless any index finishes below its trigger level, in which case investors will lose 1% for each 1% decline of the least-performing index from its initial level.
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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| Indexes: | S&P 500, Russell 2000 and Nasdaq-100
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| Amount: | $792,000
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| Maturity: | Feb. 13, 2020
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| Coupon: | 7.5%, payable quarterly if each index closes at or above trigger level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless any index finishes below trigger level, in which case 1% loss for each 1% decline of least-performing index from initial level
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| Call: | Automatically at par on any interest payment date from February 2018 onward if each index finishes above its initial level
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| Initial levels: | 2,316.10 for S&P 500, 1,388.844 for Russell 2000 and 5,226.69 for Nasdaq-100
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| Trigger levels: | 1,737.08 for S&P 500, 1,041.633 for Russell 2000 and 3,920.02 for Nasdaq-100; 75% of initial levels
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| Pricing date: | Feb. 10
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| Settlement date: | Feb. 15
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| Agents: | RBC Capital Markets, LLC
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| Fees: | 2.25%
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| Cusip: | 78012KZM2
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