By Sarah Lizee
Olympia, Wash., Dec. 24 – Royal Bank of Canada priced $300,000 of issuer callable contingent coupon barrier notes due Dec. 22, 2022 linked to the worst performing of the VanEck Vectors Gold Miners exchange-traded fund and the iShares MSCI Emerging Markets exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annual rate of 11.2% if each fund closes above its coupon barrier level, 70% of its initial level, on the observation date for that quarter.
The notes are callable at par on any interest payment date beginning in June 2019.
The payout at maturity will be par plus the final coupon unless any fund finishes below the 70% trigger level, in which case investors will have full exposure to the decline of the worst performing fund.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
|
| Issue: | Issuer callable contingent coupon barrier notes
|
| Underlying funds: | VanEck Vectors Gold Miners exchange-traded fund and the iShares MSCI Emerging Markets exchange-traded fund
|
| Amount: | $300,000
|
| Maturity: | Dec. 22, 2022
|
| Coupon: | 11.2% per year, payable quarterly if each fund closes at or above coupon barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either fund finishes below trigger level, in which 1% loss for every 1% that lesser-performing fund declines from initial level
|
| Call option: | Callable at par on any interest payment date starting June 2019
|
| Initial levels: | $20.61 for gold fund, $39.46 for EM fund
|
| Coupon barrier/triggers: | $14.43 for gold fund, $27.62 for EM fund; 70% of initial levels
|
| Pricing date: | Dec. 17
|
| Settlement date: | Dec. 20
|
| Underwriter: | RBC Capital Markets, LLC
|
| Fees: | None
|
| Cusip: | 78013GHJ7
|
© 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.
