Published on 9/3/2020 in the Prospect News Structured Products Daily.
New Issue: RBC sells $905,000 contingent coupon barrier autocalls on Lyft, Uber
By Kiku Steinfeld
Chicago, Sept. 3 – Royal Bank of Canada prices $905,000 of autocallable contingent coupon barrier notes due Aug. 31, 2023 linked to the least performing of the stocks of Lyft, Inc. and Uber Technologies, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annual rate of 10% if both stocks close at or above their coupon barriers, 55% of their initial prices, on the applicable quarterly observation date.
The notes will be called at par plus the coupon if each stock closes at or above its initial price on any quarterly observation date.
The payout at maturity will be par unless either stock finishes below its 55% trigger price, in which case investors will be fully exposed to the decline of the lesser performing stock.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
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| Issue: | Autocallable contingent coupon barrier notes
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| Underlying stocks: | Lyft, Inc. and Uber Technologies, Inc.
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| Amount: | $905,000
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| Maturity: | Aug. 31, 2023
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| Coupon: | 10%, payable quarterly if each stock closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par
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| Payout at maturity: | Par unless either stock finishes below trigger price, in which case investors will be fully exposed to the decline of the lesser performing stock
|
| Call: | Automatically at par plus the coupon if each stock closes at or above initial price on any quarterly observation date
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| Initial prices: | $29.70 for Lyft, $32.80 for Uber
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| Coupon barriers: | 55% of initial prices
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| Trigger prices: | 55% of initial prices
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| Pricing date: | Aug. 27
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| Settlement date: | Aug. 31
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| Agent: | RBC Capital Markets, LLC
|
| Fees: | 2.25%
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| Cusip: | 78015KZY3
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