Published on 6/11/2021 in the Prospect News Structured Products Daily.
New Issue: RBC sells $5.25 million contingent coupon barrier autocalls on Stoxx, S&P, Russell
By Kiku Steinfeld
Chicago, June 11 – Royal Bank of Canada priced $5.25 million of autocallable contingent coupon barrier notes due Nov. 13, 2026 linked to the lesser performing of the S&P 500 index, the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 5.1% if each index closes at or above the 60% barrier level on the observation date for that quarter.
The notes will be called at par if each index closes at or above its initial price on any quarterly observation date after one year.
The payout at maturity will be par unless any index finishes below the 60% barrier level, in which case investors will lose 1% for each 1% decline of the lesser-performing index.
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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| Underliers: | S&P 500, Euro Stoxx 50 and Russell 2000
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| Amount: | $5.25 million
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| Maturity: | Nov. 13, 2026
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| Coupon: | 5.1%, payable quarterly if each index closes at or above barrier level on observation date for that quarter
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| Price: | Par of $1,000
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| Payout at maturity: | Par unless any index finishes below barrier level, in which case 1% loss for each 1% decline of lesser-performing index
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| Call: | At par if each index closes at or above initial price on any quarterly observation date after one year
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| Initial levels: | 4,232.60 for S&P, 4,034.25 for Stoxx, 2,271.629 for Russell
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| Coupon barrier levels: | 2,539.56 for S&P, 2,420.55 for Stoxx, 1,362.977 for Russell; 60% of initial levels
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| Final barrier levels: | 2,539.56 for S&P, 2,420.55 for Stoxx, 1,362.977 for Russell; 60% of initial levels
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| Pricing date: | May 7
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| Settlement date: | May 12
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| Agent | RBC Capital Markets, LLC
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| Fees: | 2.25%
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| Cusip: | 78016EH42
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