By Susanna Moon
Chicago, Jan. 3 – Royal Bank of Canada priced $300,000 of callable contingent coupon barrier notes due Dec. 22, 2022 linked to the least performing of the iShares MSCI Emerging Markets ETF and VanEck Vectors Gold Miners ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 11.2% if each fund closes at or above its 65% coupon barrier on the observation date for that quarter.
The notes are callable at par on any quarterly observation date.
The payout at maturity will be par unless either underlying fund finishes below its 65% trigger level, in which case the payout will be par plus the return of the worse performing fund with full exposure to any losses.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
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| Issue: | Issuer callable contingent coupon barrier notes
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| Underlying indexes: | iShares MSCI Emerging Markets ETF and VanEck Vectors Gold Miners ETF
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| Amount: | $300,000
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| Maturity: | Dec. 22, 2022
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| Coupon: | 11.2% annualized, payable quarterly if each fund closes at or above 65% coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless either fund finishes below 65% trigger, in which case 1% loss per 1% decline of worse performing fund
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| Call option: | At par on any quarterly observation date beginning in June 2019
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| Initial levels: | $39.46 for EM fund and $20.61 for gold fund
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| Barrier levels: | $25.65 for EM fund and $13.40 for gold fund, 65% of initial levels
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| Pricing date: | Dec. 17
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| Settlement date: | Dec. 20
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| Agent: | RBC Capital Markets, LLC
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| Fees: | None
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| Cusip: | 78013GHJ7
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