Published on 3/8/2017 in the Prospect News Structured Products Daily.
New Issue: RBC prices $132,000 of contingent coupon barrier autocallables on Apple stock
By Wendy Van Sickle
Columbus, Ohio, March 8 – Royal Bank of Canada priced $132,000 of autocallable contingent coupon barrier notes due March 7, 2019 linked to the common stock of Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at an annual rate of 7.2% if the stock closes at or above the 80% barrier price on the observation date for that quarter.
The notes will be called at par if the stock closes at or above its initial price on any quarterly observation date after six months.
The payout at maturity will be par unless the stock finishes below the 80% trigger price, in which case investors will receive a number of Apple shares equal to the principal divided by the initial share price, or, at the issuer’s option, the cash equivalent.
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 stock: | Apple Inc. (Symbol: AAPL)
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| Amount: | $132,000
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| Maturity: | March 7, 2019
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| Coupon: | 7.2%, payable quarterly if stock closes at or above barrier price on observation date for that quarter
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| Price: | Par of $1,000
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| Payout at maturity: | Par unless stock finishes below trigger price, in which case a number of Apple shares equal to the principal divided by the initial share price, or, at issuer’s option, cash equivalent
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| Call: | At par if stock closes at or above initial price on any quarterly observation date after six months
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| Initial price: | $139.78
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| Barrier/triggers: | $111.82, 80% of initial price
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| Pricing date: | March 3
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| Settlement date: | March 8
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| Agents: | RBC Capital Markets, LLC
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| Fees: | 1.75%
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| Cusip: | 78013GCS2
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