By Susanna Moon
Chicago, May 22 – Royal Bank of Canada priced $1 million of autocallable contingent coupon barrier notes due May 14, 2021 linked to the lesser performing of the common stocks of Boeing Co. and Caterpillar 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 60% 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.
The payout at maturity will be par unless either stock finishes below its 60% 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 assets: | Boeing Co. (Symbol: BA) and Caterpillar Inc. (Symbol: CAT)
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| Amount: | $1,003,000
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| Maturity: | May 14, 2021
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| Coupon: | 8.05% annualized, payable quarterly if each stock closes at or above 60% 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 60% trigger, in which case 1% loss per 1% decline of worse performing stock
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| Call: | At par if each stock closes at or above initial level on any quarterly observation date beginning Nov. 12, 2018
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| Initial levels: | $342.46 for Boeing and $154.86 for Caterpillar
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| Barrier levels: | $205.48 for Boeing and $92.92 for Caterpillar, 60% of initial levels
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| Pricing date: | May 11
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| Settlement date: | May 16
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 2.25%
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| Cusip: | 78013XNA2
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