Published on 12/6/2017 in the Prospect News Structured Products Daily.
New Issue: RBC sells $15.04 million contingent coupon barrier autocallables on indexes, EM ETF
By Wendy Van Sickle
Columbus, Ohio, Dec. 6 – Royal Bank of Canada priced $15.04 million of autocallable contingent coupon barrier notes due Nov. 25, 2019 linked to the lesser performing of the iShares MSCI Emerging Markets exchange-traded fund, the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annual rate of 11.7% if each asset closes at or above its trigger level, 80% of its initial level, on the review date for that quarter.
The notes will be called at par plus the coupon if each asset closes at or above its initial level on any quarterly review date.
The payout at maturity will be par plus the final coupon unless any asset finishes below the 80% trigger level, in which case investors will lose 1% for each 1% that the lesser performing asset’s final level is less than its initial level.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
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| Issue: | Autocallable contingent coupon barrier notes
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| Underlying assets: | iShares MSCI Emerging Markets exchange-traded fund, Russell 2000 index and Euro Stoxx 50 index
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| Amount: | $15,044,000
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| Maturity: | Nov. 25, 2019
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| Coupon: | 11.7%, payable quarterly if each asset closes at or above coupon barrier level on observation date for that quarter
|
| Price: | Par
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| Payout at maturity: | Par unless any asset finishes below trigger level, in which case 1% loss for each 1% decline of lesser performing asset from initial level
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| Call: | At par plus coupon if each asset closes at or above its initial level on a review date
|
| Initial levels: | $47.06 for ETF, 1,503.396 for Russell, 3,561.41 for Stoxx
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| Coupon barrier levels: | $37.65 for ETF, 1,202.717 for Russell, 2,849.13 for Stoxx; 80% of initial levels
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| Trigger levels: | $37.65 for ETF, 1,202.717 for Russell, 2,849.13 for Stoxx; 80% of initial levels
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| Pricing date: | Nov. 20
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| Settlement date: | Nov. 24
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 1.75%
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| Cusip: | 78013XAP3
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