RBC plans contingent income callable notes linked to three indexes

By Angela McDaniels

Tacoma, Wash., March 28 – Royal Bank of Canada plans to price contingent income issuer callable securities due April 1, 2021 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 index, according to an FWP filing with the Securities and Exchange Commission.

Each quarter, the notes will pay a contingent coupon at the rate of 8.5% per year if each index closes at or above its threshold value, 70% of its initial level, on each trading day during that quarter.

The payout at maturity will be par unless any index finishes below its threshold value, in which case investors will lose 1% for every 1% that the least-performing index declines from its initial level.

The notes will be callable at par on any interest payment date.

RBC Capital Markets, LLC is the agent. Distribution is through Morgan Stanley Wealth Management.

The notes will price March 29.

The Cusip number is 78013X4B1.

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