Published on 4/15/2021 in the Prospect News Structured Products Daily.
New Issue: RBC sells $3.45 million contingent coupon barrier autocallables on stock basket
By Wendy Van Sickle
Columbus, Ohio, April 15 – Royal Bank of Canada priced $3.45 million of autocallable contingent coupon barrier notes due April 3, 2024 linked to an equally weighted basket of the common stocks of MGM Resorts International and Wynn Resorts, Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10% if the basket closes at or above its 60% coupon barrier on the observation date for that quarter.
The notes will be automatically called at par plus the coupon if the basket closes above its initial share price on any quarterly call observation date starting Sept. 29, 2021.
The payout at maturity will be par unless the basket finishes below its 60% knock-in level, in which case investors will be fully exposed to the loss.
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 basket: | MGM Resorts International and Wynn Resorts, Ltd., equal weights
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| Amount: | $3,446,000
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| Maturity: | April 3, 2024
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| Coupon: | 10%, payable each quarter that basket closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par
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| Payout at maturity: | Par unless basket finishes below its knock-in level, in which case full exposure to loss
|
| Call: | Automatically at par plus coupon if basket closes at or above initial share price on any quarterly call observation date starting Sept. 29, 2021
|
| Initial prices: | $37.16 for MGM, $123.50 for Wynn
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| Coupon barrier: | 60% of initial level
|
| Knock-in level: | 60% of initial level
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| Pricing date: | March 29
|
| Settlement date: | March 31
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| Agent: | RBC Capital Markets, LLC
|
| Fees: | 2.25%
|
| Cusip: | 78016ENY9
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