RBC plans contingent coupon autocallables linked to BofA, Wells Fargo

New York, May 9 – Royal Bank of Canada plans to price autocallable contingent coupon barrier notes due May 23, 2019 linked to the common stocks of Bank of America Corp. and Wells Fargo & Co., according to an FWP filing with the Securities and Exchange Commission.

Each quarter, the notes will pay a contingent coupon if both stocks close at or above their coupon barrier prices, 75% of their initial prices, on the observation date for that quarter. The contingent coupon rate is expected to be 8.85% to 9.85% per year and will be set at pricing.

The notes will be called at par plus the contingent coupon if both stocks closes at or above their initial share prices on any quarterly observation date starting with Nov. 20, 2017.

The payout at maturity will be par unless the worse performing stock finishes below its trigger price, 75% of its initial value, in which case investors will be exposed to the decline in the worse performing stock from its initial share price.

RBC Capital Markets, LLC is the underwriter.

The notes will price on May 19 and settle on May 24.

The Cusip number is 78012KR41.

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