Published on 8/21/2019 in the Prospect News Structured Products Daily.
New Issue: RBC prices $2.19 million contingent income autocalls on three indexes
By Sarah Lizee
Olympia, Wash., Aug. 21 – Royal Bank of Canada priced $2.19 million of contingent income autocallable securities due Feb. 19, 2021 linked to the worst performing of the S&P 500 index, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 8.5% if each index closes at or above its threshold level, 75% of its initial level, on the determination date for that quarter.
The notes will be automatically called at par if each index closes at or above its initial level on any of the first five coupon payment dates.
The payout at maturity will be par unless any index finishes below its threshold level, in which case investors will be fully exposed to the decline of the worst-performing index.
RBC Capital Markets, LLC is the agent. Morgan Stanley Wealth Management is handling distribution.
| Issue: | Contingent income autocallable securities
|
| Underlying indexes: | S&P 500 index, Russell 2000 index and Nasdaq-100 index
|
| Amount: | $2,188,000
|
| Maturity: | Feb. 19, 2021
|
| Coupon: | 8.5% annualized, payable each quarter if indexes close at or above downside threshold level on determination date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If indexes finish above downside threshold, par; otherwise, full exposure to decline of worst performing index
|
| Call: | At par plus contingent coupon if each index closes at or above initial level on any of the first five coupon payment dates
|
| Initial levels: | 2,888.68 for S&P, 1,493.640 for Russell and 7,604.109 for Nasdaq
|
| Downside threshold: | 2,166.51 for S&P, 1,120.230 for Russell and 5,703.082 for Nasdaq; 75% of initial levels
|
| Pricing date: | Aug. 16
|
| Settlement date: | Aug. 21
|
| Agent: | RBC Capital Markets, LLC with Morgan Stanley Wealth Management as dealer
|
| Fees: | 2%
|
| Cusip: | 78013XZ84
|
© 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.
