RBC plans contingent coupon barrier autocallables on gold miners ETF

By Tali Rackner

Norfolk, Va., Sept. 2 – Royal Bank of Canada plans to price 0% autocallable contingent coupon barrier notes due Sept. 19, 2019, linked to the VanEck Vectors Gold Miners exchange-traded fund, according to an FWP filing with the Securities and Exchange Commission.

The notes will pay a quarterly coupon at an annual rate of 9.63% to 10.25% if the fund closes above its trigger level, 60% of its initial level, on the review date for that quarter.

The notes will be called at par the coupon if the fund closes above its initial price on any observation date.

The payout at maturity will be par plus the final coupon unless the fund closes below the 60% trigger level, in which case investors will be fully exposed to the fund’s decline from its initial level.

RBC Capital Markets, LLC is the underwriter.

The notes will price on Sept. 15 and settle on Sept. 20.

The Cusip number is 78012KTC1.

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