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RBC plans to price contingent coupon and floating-rate barrier autocallables on indexes
By Wendy Van Sickle
Columbus, Ohio, March 16 – Royal Bank of Canada plans to price autocallable contingent coupon barrier notes due March 20, 2020 linked to the least performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a floating-rate coupon of Libor plus75 basis points and a contingent quarterly coupon at an annual rate of 3% to 3.5% if each index closes at or above the 70% coupon barrier on the observation date for that quarter.
The notes will be called at par if each index closes at or above its initial level on any quarterly review date after one year.
The payout at maturity will be par unless either index finishes below its 70% trigger 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 March 17.
The Cusip number is 78012KC70.
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