By Wendy Van Sickle
Columbus, Ohio, July 5 – Royal Bank of Canada priced $1.83 million of autocallable contingent coupon barrier notes due July 2, 2020 linked to 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 will pay a contingent coupon of 7% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that quarter.
The notes will be called at par 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 70% trigger level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will be fully exposed to the loss of the lesser performing index.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
|
| Issue: | Autocallable contingent coupon barrier notes
|
| Underlying indexes: | Russell 2000 and S&P 500
|
| Amount: | $1,832,000
|
| Maturity: | July 2, 2020
|
| Coupon: | 7% per year, payable quarterly if each index closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If each index finishes at or above its trigger level, par plus the final contingent coupon; otherwise, full exposure to loss of lesser performing index
|
| Call: | Automatically at par if each index closes at or above initial level on any quarterly observation date
|
| Initial prices: | 2,000.54 for S&P and 1,089.646 for Russell
|
| Trigger/coupon barrier: | 1,400.38 for S&P and 762.752 for Russell; 70% of initial levels
|
| Pricing date: | June 27
|
| Settlement date: | June 30
|
| Agent: | RBC Capital Markets LLC
|
| Fees: | 2.25%
|
| Cusip: | 78012KQK6
|
|
|
|
|
© 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.
