Published on 7/30/2019 in the Prospect News Structured Products Daily.
New Issue: RBC prices $2.7 million contingent coupon barrier notes linked to S&P, Russell
By Angela McDaniels
Tacoma, Wash., July 30 – Royal Bank of Canada priced $2.97 million of callable contingent coupon barrier notes due Aug. 3, 2026 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
If each index closes at or above its trigger level, 60% of its initial level, on a quarterly observation day, the notes will pay a contingent coupon that quarter at the rate of 5.05% per year.
Beginning Aug. 3, 2020, the notes will be callable at par on any coupon payment date.
The payout at maturity will be par unless either index finishes below its trigger level, in which case investors will be exposed to the decline of the lesser-performing index from its initial level.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Callable contingent coupon barrier notes
|
| Underlying indexes: | S&P 500 and Russell 2000
|
| Amount: | $2,973,000
|
| Maturity: | Aug. 3, 2026
|
| Coupon: | 5.05%, payable quarterly if each index closes at or above trigger level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either index finishes below trigger level, in which case exposure to decline of lesser-performing index from initial level
|
| Call option: | Beginning Aug. 3, 2020, notes will be callable at par on any coupon payment date
|
| Initial levels: | 3,020.97 for S&P 500 and 1,569.025 for Russell 2000
|
| Trigger levels: | 1,812.58 for S&P 500 and 941.415 for Russell 2000, or 60% of initial levels
|
| Pricing date: | July 29
|
| Settlement date: | July 31
|
| Underwriter: | RBC Capital Markets, LLC
|
| Fees: | 2.25%
|
| Cusip: | 78013XXK9
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
