Published on 5/7/2019 in the Prospect News Structured Products Daily.
New Issue: RBC sells $1.42 million callable contingent coupon barrier notes on indexes
By Sarah Lizee
Olympia, Wash., May 7 – Royal Bank of Canada priced $1.42 million of issuer callable contingent coupon barrier notes due May 20, 2020 linked to the Euro Stoxx 50 index, the S&P 500 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 at the rate of 8.84% per year if each index closes at or above its coupon barrier level 75% of its initial level, on the observation date for that quarter.
The notes are callable at par on any interest payment date.
The payout at maturity will be par unless any index finishes below its 75% trigger level, in which case investors will lose 1% for every 1% that the least-performing index declines from its initial level.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Issuer callable contingent coupon barrier notes
|
| Underlying indexes: | Euro Stoxx 50, S&P 500 and Russell 2000
|
| Amount: | $1,418,000
|
| Maturity: | May 20, 2020
|
| Coupon: | 8.84% per year, payable quarterly if each index closes at or above coupon barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless any index finishes below trigger level, in which 1% loss for every 1% that lesser-performing index declines from initial level
|
| Call option: | Callable at par on any interest payment date
|
| Initial index levels: | 1,614.022 for Russell, 2,945.64 for S&P, 3,502.48 for Stoxx
|
| Coupon barriers: | 1,210.517 for Russell, 2,209.23 for S&P, 2,626.86 for Stoxx; 75% of initial levels
|
| Triggers: | 1,210.517 for Russell, 2,209.23 for S&P, 2,626.86 for Stoxx; 75% of initial levels
|
| Pricing date: | May 3
|
| Settlement date: | May 8
|
| Underwriter: | RBC Capital Markets, LLC
|
| Fees: | 1%
|
| Cusip: | 78013X6L7
|
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