RBC plans trigger callable contingent yield notes on three indexes

By Sarah Lizee

Olympia, Wash., March 26 – Royal Bank of Canada plans to price trigger callable contingent yield notes with daily coupon observation due Sept. 30, 2021 linked to the least performing of the S&P 500 index, the Nasdaq-100 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

Each quarter, the notes pay a contingent coupon of 9.25% to 9.5% per year if each index’s closing level is at or above its coupon barrier, 70% of its initial level, on each day that quarter.

The notes are callable at par of $10 plus any coupon on each quarterly observation date other than the final one.

If the notes are not called and each index finishes at or above its trigger level, 65% of its initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the least-performing index’s final level is below its initial level.

UBS Financial Services Inc. and RBC Capital Markets, LLC are the underwriters.

The notes will price on March 27.

The Cusip number is 78014H482.

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