Published on 3/12/2020 in the Prospect News Structured Products Daily.
New Issue: RBC sells $4.55 million callable contingent coupon barrier notes on three indexes
By Sarah Lizee
Olympia, Wash., March 12 – Royal Bank of Canada priced $4.55 million of issuer callable contingent coupon barrier notes due Sept. 9, 2025 linked to the least performing of the S&P 500 index, the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 5.25% if each index closes at or above its 60% coupon barrier on the related quarterly observation date.
The notes will be callable at par on any coupon payment date after one year.
The payout at maturity will be par unless any index finishes below the 60% trigger level, in which case investors will lose 1% for every 1% decline of the worst performing index.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Issuer callable contingent coupon barrier notes
|
| Underlying indexes: | S&P 500 index, Dow Jones industrial average, Russell 2000 index
|
| Amount: | $4,548,000
|
| Maturity: | Sept. 9, 2025
|
| Coupon: | 5.25%, payable each quarter that each index closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless any index finishes below trigger level, in which case full exposure to decline of worst performing index
|
| Call: | At par on any coupon payment date after one year
|
| Initial levels: | 3,130.12 for S&P, 27,090.86 for Dow, 1,531.197 for Russell
|
| Coupon barriers: | 1,878.07 for S&P, 16,254.52 for Dow, 918.718 for Russell; 60% of initial levels
|
| Trigger levels: | 1,878.07 for S&P, 16,254.52 for Dow, 918.718 for Russell; 60% of initial levels
|
| Pricing date: | March 4
|
| Settlement date: | March 9
|
| Agent: | RBC Capital Markets, LLC
|
| Fees: | 2.25%
|
| Cusip: | 78015KKQ6
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
