Published on 6/27/2018 in the Prospect News Structured Products Daily.
New Issue: RBC sells $2.18 million 11.15% contingent coupon autocalls on three indexess
By Susanna Moon
Chicago, June 27 – Royal Bank of Canada priced $2.18 million of autocallable contingent coupon barrier notes due July 10, 2019 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 11.15% if each index closes at or above its 80% coupon barrier on the observation date for that quarter.
The notes will be called at par if each index closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par unless any index finishes below its 80% trigger level, in which case the payout will be par plus the return of the worst performing index 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: | S&P 500 index, Russell 2000 index and Euro Stoxx 50 index
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Amount: | $2,182,000
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Maturity: | July 10, 2019
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Coupon: | 11.15% annualized, payable quarterly if each index closes at or above 80% coupon barrier on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless any index finishes below 80% trigger, in which case 1% loss per 1% decline of worse performing index
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Call: | At par if each index closes at or above initial level on any quarterly observation date other than final date
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Initial levels: | 2,754.88 for S&P, 1,685.577 for Russell and 3,441.60 for Stoxx
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Barrier levels: | 2,203.90 for S&P, 1,348.462 for Russell and 2,753.28 for Stoxx, 80% of initial levels
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Pricing date: | June 22
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Settlement date: | June 27
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Agent: | RBC Capital Markets, LLC
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Fees: | 1%
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Cusip: | 78013XNK0
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