Published on 3/8/2018 in the Prospect News Structured Products Daily.
New Issue: RBC prices $7 million 12.9% contingent coupon autocalls tied to indexes
By Susanna Moon
Chicago, March 8 – Royal Bank of Canada priced $7 million of autocallable contingent coupon barrier notes due Feb. 26, 2020 linked to the least performing of the S&P 500 index, 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 contingent quarterly coupon at an annual rate of 12.9% if each index closes at or above its 80% 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 review date.
The payout at maturity will be par unless any index finishes below its 80% knock-in level, in which case investors will be fully exposed to any losses of the worst 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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| Underlying indexes: | S&P 500, Russell 2000 and Euro Stoxx 50 index
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| Amount: | $7 million
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| Maturity: | Feb. 26, 2020
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| Coupon: | 12.9% annualized, payable quarterly if each index closes at or above its 80% coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless any index ends below 80% knock-in level, in which full exposure to the losses of the worst performing index
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| Call: | At par if each index closes at or above its initial level on any review date
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| Initial levels: | 2,701.33 for S&P, 1,531.836 for Russell and 3,430.16 for Stoxx
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| Barrier levels: | 2,161.06 for S&P, 1,225.469 for Russell and 2,744.13 for Stoxx; 80% of initial levels
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| Pricing date: | Feb. 21
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| Settlement date: | Feb. 26
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 1.75%
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| Cusip: | 78013XFZ6
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