E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 8/14/2018 in the Prospect News Structured Products Daily.

New Issue: RBC sells $1.25 million contingent coupon barrier autocallables on Wynn, MGM

By Wendy Van Sickle

Columbus, Ohio, Aug. 14 – Royal Bank of Canada priced $1.25 million of autocallable contingent coupon barrier notes due July 30, 2021 linked to the lesser performing of the common stocks of Wynn Resorts, Ltd. and MGM Resorts International, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 10.6% if each stock closes at or above its 60% coupon barrier on the observation date for that quarter.

Starting Jan. 28, 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 either stock finishes below its 60% 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
Issue:Autocallable contingent coupon barrier notes
Underlying stocks:Wynn Resorts, Ltd. and MGM Resorts International
Amount:$1,248,000
Maturity:July 30, 2021
Coupon:10.6%, payable quarterly if each stock closes at or above coupon barrier on observation date for that quarter
Price:Par
Payout at maturity:Par unless either stock finishes below trigger price, in which case par plus return of the least-performing stock
Call:Starting Jan. 28, automatically at par if each stock closes above initial price on any observation date
Initial prices:$30.72 for Wynn and $163.39 for MGM
Coupon barriers/trigger prices:$18.43 for Wynn and $98.03 for MGM; 60% of initial prices
Pricing date:July 27
Settlement date:July 31
Agent:RBC Capital Markets, LLC
Fees:2.25%
Cusip:78013XQG6

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.