Published on 4/17/2019 in the Prospect News Structured Products Daily.
New Issue: RBC sells $2.93 million callable contingent coupon barrier notes on indexes
By Sarah Lizee
Olympia, Wash., April 17 – Royal Bank of Canada priced $2.93 million of issuer callable contingent coupon barrier notes due April 15, 2021 linked to the Nasdaq-100 index, 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 10.75% per year if each index closes at or above its coupon barrier level 75% of its initial level, on the observation date for that quarter.
The notes are callable at par on any interest payment date.
The payout at maturity will be par unless any index finishes below its 75% trigger level, in which case investors will lose 1% for every 1% that the least-performing index declines from its initial level.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Issuer callable contingent coupon barrier notes
|
| Underlying indexes: | Nasdaq-100, S&P 500 and Russell 2000
|
| Amount: | $2,925,000
|
| Maturity: | April 15, 2021
|
| Coupon: | 10.75% per year, payable quarterly if each index closes at or above coupon barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless any index finishes below trigger level, in which 1% loss for every 1% that lesser-performing index declines from initial level
|
| Call option: | Callable at par on any interest payment date
|
| Initial index levels: | 1,584.802 for Russell, 2,907.41 for S&P, 7,628.150 for Nasdaq
|
| Coupon barriers: | 1,188.602 for Russell, 2,180.56 for S&P, 5,721.113 for Nasdaq; 75% of initial levels
|
| Triggers: | 1,188.602 for Russell, 2,180.56 for S&P, 5,721.113 for Nasdaq; 75% of initial levels
|
| Pricing date: | April 12
|
| Settlement date: | April 17
|
| Underwriter: | RBC Capital Markets, LLC
|
| Fees: | 1.5%
|
| Cusip: | 78013X5J3
|
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