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RBC plans callable contingent coupon barrier note tied to indexes
By Wendy Van Sickle
Columbus, Ohio, Sept. 1 – Royal Bank of Canada plans to price callable contingent coupon barrier notes due Aug. 15, 2019 linked to the least of the S&P 500 index, the Russell 2000 index and the Nasdaq-100 index, according to an FWP filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 7% to 7.64% if each index closes at or above its 70% barrier level on an observation date for that quarter.
The notes will be callable on any quarterly observation date.
The payout at maturity will be par unless any index finishes below the 70% barrier level, in which case investors will be fully exposed to any losses of the worst performing index.
RBC Capital Markets, LLC is the underwriter.
The notes will price on Sept. 15 and settle on Sept. 20.
The Cusip number is 78012KTB3.
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