RBC plans contingent coupon barrier autocallables tied to two stocks

By Sarah Lizee

Olympia, Wash., Feb. 11 – Royal Bank of Canada plans to price autocallable contingent coupon barrier notes due Feb. 16, 2024 linked to the least performing of the common stocks of CVS Health Corp. and Walgreens Boots Alliance, Inc., according to an FWP filing with the Securities and Exchange Commission.

Each quarter, the notes pay a contingent coupon if each stock closes at or above its trigger price, 65% of its initial share price, on the observation date for that quarter. The contingent coupon rate is expected to be 9% to 9.5% per year and will be set at pricing.

Beginning Aug. 13, the notes will be called at par if each stock closes at or above its initial share price on any quarterly observation date.

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

RBC Capital Markets, LLC is the underwriter.

The notes will price Feb. 13.

The Cusip number is 78013XZL5.

© 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.