RBC plans contingent coupon barrier autocallables linked to Netflix

By Sarah Lizee

Olympia, Wash., Oct. 28 – Royal Bank of Canada plans to price autocallable contingent coupon barrier notes due Nov. 3, 2022 linked to the common stock of Netflix, Inc., according to an FWP filing with the Securities and Exchange Commission.

Each quarter, the notes will pay a contingent coupon if the stock closes at or above its trigger price, 60% of its initial share price, on the observation date for that quarter. The contingent coupon rate is expected to be 8.5% to 9.5% per year and will be set at pricing.

Beginning April 29, 2020, the notes will be automatically called at par if the stock closes at or above its initial share price on any quarterly observation date.

The payout at maturity will be par unless the stock finishes below its trigger price, in which case investors will be fully exposed to the decline of the stock from its initial price.

RBC Capital Markets, LLC is the underwriter.

The notes will price Oct. 29.

The Cusip number is 78015KHF4.

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