Published on 4/3/2020 in the Prospect News Structured Products Daily.
New Issue: RBC prices $1.07 million contingent coupon barrier autocalls on three stocks
By Sarah Lizee
Olympia, Wash., April 3 – Royal Bank of Canada priced $1.07 million of autocallable contingent coupon barrier notes due March 30, 2023 linked to the least performing of the common stocks of Apple Inc., Walt Disney Co. and Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annual rate of 11% if all the stocks close at or above their coupon barriers, 60% of their initial prices, on the observation date for that quarter.
The notes will be called at par plus the coupon if each stock closes at or above its initial price on any quarterly call observation date after six months.
The payout at maturity will be par plus the final coupon unless any stock finishes below its 60% trigger price, in which case investors will lose 1% for each 1% that the least-performing stock’s final price is less than its initial price.
RBC Capital Markets, LLC is the agent.
Issuer: | Royal Bank of Canada
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Issue: | Autocallable contingent coupon barrier notes
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Underlying stocks: | Apple Inc., Walt Disney Co. and Netflix, Inc.
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Amount: | $1,073,000
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Maturity: | March 2, 2023
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Coupon: | 11%, payable quarterly if each stock closes at or above coupon barrier on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless any stock finishes below trigger price, in which case par plus return of the least-performing stock
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Call: | Automatically at par if each stock closes at or above initial price on any quarterly call observation date after six months
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Initial prices: | $258.44 for Apple, $105.36 for Disney, $362.99 for Netflix
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Coupon barriers/trigger prices: | $155.06 for Apple, $63.22 for Disney, $217.79 for Netflix; 60% of initial prices
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Pricing date: | March 26
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Settlement date: | March 31
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Agent: | RBC Capital Markets, LLC
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Fees: | 3.25%
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Cusip: | 78015KKY9
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