RBC plans 10.25% contingent income autocalls on Palo Alto Networks

By Susanna Moon

Chicago, Aug. 15 – Royal Bank of Canada plans to price contingent income autocallable securities due Aug. 22, 2019 linked to Palo Alto Networks, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 10.25% if the stock closes at or above the 70% downside threshold on the determination date for that quarter.

The notes will be called at par plus the contingent coupon if the stock closes at or above its initial level on any of the first three determination dates.

The payout at maturity will be par unless the stock finishes below its 70% downside threshold, in which case investors will lose 1% for each 1% decline.

RBC Capital Markets, LLC is the agent with Morgan Stanley Wealth Management as dealer.

The notes are expected to price on Aug. 17.

The Cusip number is 78014G443.

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