RBC plans callable contingent coupon barrier notes tied to indexes

By Wendy Van Sickle

Columbus, Ohio, Feb. 21 – Royal Bank of Canada plans to price issuer callable contingent coupon barrier notes due Feb. 25, 2021 linked to the least performing of the S&P 500 index and the Russell 2000 index, according to an FWP filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 6% if each index closes at or above its 60% barrier level on an observation date for that quarter.

The notes will be callable on any quarterly observation date after one year.

The payout at maturity will be par unless either index finishes below the barrier level, in which case investors will be fully exposed to any losses of the worse performing index.

RBC Capital Markets, LLC is the underwriter.

The notes will price on Feb. 22 and settle on Feb. 27.

The Cusip number is 78012KB89.

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