New Issue: RBC sells $5 million callable contingent coupon barrier notes on S&P, Russell

By Sarah Lizee

Olympia, Wash., Oct. 10 – Royal Bank of Canada priced $5 million of issuer callable contingent coupon barrier notes due July 8, 2020 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

Each quarter, the notes pay a contingent coupon at the rate of 8.4% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that quarter.

The notes are callable at par on any interest payment date.

The payout at maturity will be par unless either index finishes below its 70% trigger level, in which case investors will lose 1% for every 1% that the lesser-performing index declines from its initial level.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Callable contingent coupon barrier notes
Underlying indexes:	S&P 500 and Russell 2000
Amount:	$5 million
Maturity:	July 8, 2020
Coupon:	8.4% per year, payable each quarter if each index closes at or above coupon barrier level on observation date for that quarter
Price:	Par
Payout at maturity:	Par unless either index finishes below trigger level, in which 1% loss for every 1% that lesser-performing index declines from initial level
Call option:	Callable at par on any interest payment date
Initial index levels:	2,904.50 for S&P, 1,481.300 for Russell
Coupon barrier/triggers:	2,033.15 for S&P, 1,036.910 for Russell; 70% of initial levels
Pricing date:	Oct. 2
Settlement date:	Oct. 7
Underwriter:	RBC Capital Markets, LLC
Fees:	0.5%
Cusip:	78015KDP6

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