Published on 5/31/2018 in the Prospect News Structured Products Daily.
New Issue: RBC sells $950,000 contingent coupon barrier autocallables linked to Amazon, Wynn
By Wendy Van Sickle
Columbus, Ohio, May 31 – Royal Bank of Canada priced $950,000 of autocallable contingent coupon barrier notes due May 28, 2021 linked to the lesser performing of the common stocks of Amazon.com, Inc. and Wynn Resorts Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.75% if each stock closes at or above its 55% coupon barrier on the observation date for that quarter.
Starting Nov. 26, 2018, the notes will be automatically called at par if each stock closes its initial price on any observation date.
The payout at maturity will be par unless any stock finishes below its 55% trigger price, in which case investors will be fully exposed to any losses of the least-performing stock.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
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| Issue: | Autocallable contingent coupon barrier notes
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| Underlying stocks: | Amazon.com, Inc. and Wynn Resorts Ltd.
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| Amount: | $950,000
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| Maturity: | May 28, 2021
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| Coupon: | 9.75%, payable quarterly if each stock closes at or above coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below trigger price, in which case par plus return of the least-performing stock
|
| Call: | Starting Nov. 26, 2017, automatically at par if each stock closes above initial price on any observation date
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| Initial prices: | $1,610.15 for Amazon and $194.21 for Wynn
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| Coupon barriers/trigger prices: | $885.58 for Amazon and $106.82 for Wynn; 55% of initial prices
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| Pricing date: | May 25
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| Settlement date: | May 31
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 2.25%
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| Cusip: | 78013XPE2
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