Published on 1/23/2018 in the Prospect News Structured Products Daily.
New Issue: RBC prices $1.01 million 5.3% contingent coupon barrier callables tied to indexes
By Susanna Moon
Chicago, Jan. 23 – Royal Bank of Canada priced $1.01 million of issuer callable contingent coupon barrier notes due July 24, 2023 linked to the lesser performing of the Russell 2000 index and the S&P 500 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 5.3% if each underlying index closes at or above its 60% coupon barrier on any determination date for that quarter.
The notes are callable at par on any coupon payment date after six months.
The payout at maturity will be par unless either index finishes below the 60% 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.
| Issuer: | Royal Bank of Canada
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| Issue: | Issuer callable contingent coupon barrier notes
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| Underlying assets: | Russell 2000 index and S&P 500
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| Amount: | $1,011,000
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| Maturity: | July 24, 2023
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| Coupon: | 5.3%, payable quarterly if each component closes at or above its 60% coupon barrier on any determination date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless either index finishes below barrier, in which case par plus return of worse performing component with full exposure to any losses
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| Call option: | At par on any coupon payment date beginning July 19, 2018
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| Initial levels: | 1,597.628 for Russell and 2,810.30 for S&P
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| Barrier levels: | 958.577 for Russell and 1,686.18 for S&P; 60% of initial levels
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| Pricing date: | Jan. 19
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| Settlement date: | Jan. 24
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| Agents: | RBC Capital Markets, LLC
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| Fees: | 2.25%
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| Cusip: | 78013XCZ9
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