RBC to price direct investment notes on October top picks list

By Marisa Wong

Morgantown, W.Va., Oct. 23 – Royal Bank of Canada plans to price direct investment notes due Nov. 8, 2018 linked to the October 2017 RBC Capital Markets U.S. Equity Top Picks List, according to an FWP filing with the Securities and Exchange Commission.

The equally weighted list is comprised of Air Lease Corp., Amphenol Corp., Broadcom Ltd., Celgene Corp., Cerner Corp., Discover Financial Services, Dollar Tree, Inc., DowDuPont Inc., Gartner, Inc., Louisiana-Pacific Corp., Marathon Petroleum Corp., ServiceNow, Inc., Newell Brands Inc., PNC Financial Services Group, Inc., Regency Centers Corp. and Whirlpool Corp.

A top pick represents an RBC analyst’s best idea in the sector, which is expected to provide significant absolute total return over 12 months with a favorable risk/reward ratio.

Interest is payable quarterly. The amount of each interest payment, if any, will depend on the amount of dividends paid on each basket stock during the preceding quarter and will equal, for each $1,000 principal amount, 97.75% of the sum of the dividend amounts for each of the basket stocks.

For each $1,000 principal amount of notes, the payout at maturity will be the product of $977.50 and the percentage amount.

The percentage amount will equal the quotient of (a) the final basket level minus the initial basket level divided by (b) the initial basket level. The percentage amount must exceed 102.3% in order for the payout to exceed par.

RBC Capital Markets, LLC is the underwriter.

The notes will price on Oct. 27.

The Cusip number is 78013GKC8.

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