RBC plans barrier autocalls with recovery feature on Russell, Dow

By Wendy Van Sickle

Columbus, Ohio, March 14 – Royal Bank of Canada plans to price autocallable barrier notes with recovery feature due March 30, 2023 linked to the Russell 2000 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be called at par plus a premium of 7% to 9% per year if each index closes at or above its initial level on any annual call observation date.

If the notes are not called and each index closes at or above 70% of its initial level, the payout at maturity will be par plus the recovery amount, which will equal the rate at which the call premium is set for one year.

Otherwise, investors will be fully exposed to the decline of the lesser performing index.

RBC Capital Markets, LLC is the underwriter.

The notes will price on March 27.

The Cusip number is 78013X3J5.

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