Published on 3/24/2017 in the Prospect News Structured Products Daily.
New Issue: RBC prices $7.7 million contingent coupon barrier autocallables tied to index, two funds
By Susanna Moon
Chicago, March 24 – Royal Bank of Canada priced $7.7 million of autocallable contingent coupon barrier notes due March 21, 2019 linked to the iShares MSCI Emerging Markets exchange-traded fund, SPDR S&P Midcap 400 ETF and Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.15% if each component closes at or above the 75% coupon barrier on the observation date for that quarter.
The notes will be called at par if each component closes at or above its initial price on any quarterly observation date.
The payout at maturity will be par unless any component finishes below the 75% trigger level, in which case investors will be fully exposed to any losses of the worst performing component.
RBC Capital Markets, LLC is the underwriter.
Issuer: | Royal Bank of Canada
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Issue: | Autocallable contingent coupon barrier notes
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Underlying assets: | iShares MSCI Emerging Markets exchange-traded fund, SPDR S&P Midcap 400 ETF and Nasdaq-100 index
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Amount: | $7,698,000
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Maturity: | March 21, 2019
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Coupon: | 9.15%, payable quarterly if each component closes at or above 75% coupon barrier on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless any component finishes below trigger level, in which case fully exposed to any losses of worst performing component
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Call: | At par if each component closes at or above initial level on any quarterly observation date
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Initial levels: | $39.49 for EM fund, $314.22 for midcap fund and 5,408.76 for Nasdaq
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Trigger levels: | $29.62 for EM fund, $235.67 for midcap fund and 4,056.57 for Nasdaq; 75% of initial levels
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Pricing date: | March 17
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Settlement date: | March 22
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Agents: | RBC Capital Markets, LLC
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Fees: | 1.75%
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Cusip: | 78012KE78
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