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RBC plans six-year contingent coupon barrier notes linked to S&P 500
By Susanna Moon
Chicago, Dec. 16 – Royal Bank of Canada plans to price contingent coupon barrier notes due Dec. 30, 2022 linked to the S&P 500 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 5% to 5.25% if the index closes at or above its coupon barrier level, 64% of its initial level, on the observation date for that quarter.
The payout at maturity will be par unless the index finishes below its 64% trigger level, in which case investors will be fully exposed to any losses.
RBC Capital Markets, LLC is the underwriter.
The notes will price on Dec. 27 and settle on Dec. 30.
The Cusip number is 78012KWN3.
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