RBC plans contingent coupon barrier autocallables on indexes, one ETF

New York, May 10 – Royal Bank of Canada plans to price autocallable contingent coupon barrier notes due May 22, 2020 linked to the lesser performing of the iShares MSCI Emerging Markets exchange-traded fund, the S&P 500 index and the Euro Stoxx 50 index, according to an FWP filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 7.5% to 8.5% if each underlyer closes at or above the 75% coupon barrier on the observation date for that quarter.

The notes will be called at par if each underlyer closes at or above its initial level on any quarterly review date starting on May 21, 2018.

The payout at maturity will be par unless any underlyer fund finishes below its 75% trigger level, in which case investors will be fully exposed to any losses of the worst performing underlyer.

RBC Capital Markets, LLC is the underwriter.

The notes will price on May 19 and settle on May 24.

The Cusip number is 78012KS24.

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