Published on 12/9/2019 in the Prospect News Structured Products Daily.
New Issue: RBC prices $37.19 million trigger autocallables linked to S&P, Russell
By Angela McDaniels
Tacoma, Wash., Dec. 9 – Royal Bank of Canada priced $37.19 million of trigger autocallable contingent yield notes due Dec. 9, 2021 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.
Each quarter, the notes pay a contingent coupon at the rate of 8% per year if each index closes at or above its downside threshold level, 75% of its initial level, on the observation date for that quarter.
The notes will be automatically called at par of $10 if each index closes at or above its initial level on any quarterly observation date.
If the notes are not called and each index finishes at or above its downside threshold level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the lesser-performing index declines from its initial level.
UBS Financial Services Inc. and RBC Capital Markets, LLC are the underwriters.
| Issuer: | Royal Bank of Canada
|
| Issue: | Trigger autocallable contingent yield notes
|
| Underlying indexes: | S&P 500 and Russell 2000
|
| Amount: | $37,193,950
|
| Maturity: | Dec. 9, 2021
|
| Coupon: | 8% per year, payable quarterly if each index closes at or above downside threshold on observation date for that quarter
|
| Price: | Par of $10.00
|
| Payout at maturity: | If notes are not called and each index finishes at or above downside threshold level, par; otherwise, 1% loss for every 1% that lesser-performing index declines from initial level
|
| Call: | Automatically at par if each index closes at or above initial level on any quarterly observation date
|
| Initial levels: | 3,145.91 for S&P 500 and 1,633.837 for Russell 2000
|
| Downside thresholds: | 2,359.43 for S&P 500 and 1,225.378 for Russell 2000, or 75% of initial levels
|
| Pricing date: | Dec. 6
|
| Settlement date: | Dec. 11
|
| Underwriters: | UBS Financial Services Inc. and RBC Capital Markets, LLC
|
| Fees: | 1.5%
|
| Cusip: | 78014J868
|
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