RBC eyes contingent coupon barrier autocallables tied to three ETFs

By Wendy Van Sickle

Columbus, Ohio, April 25 – Royal Bank of Canada plans to price autocallable contingent coupon barrier notes due May 4, 2021 linked to the least performing of the SPDR S&P Bank ETF, the SPDR S&P Biotech ETF and the Technology Select Sector SPDR fund, according to an FWP filing with the Securities and Exchange Commission.

Each quarter, the notes pay a contingent coupon at an annualized rate of 15% if each fund closes at or above its trigger price, 72.25% of its initial share price, on the observation date for that quarter.

The notes will be called at par if each fund closes at or above its initial share price on any quarterly observation date.

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

RBC Capital Markets, LLC is the underwriter.

The notes will price April 29.

The Cusip number is 78013X5Z7.

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