RBC plans three-year contingent coupon barrier autocallables tied to Apple

By Wendy Van Sickle

Columbus, Ohio, Jan. 5 – Royal Bank of Canada plans to price autocallable contingent coupon barrier notes due Jan. 23, 2020 linked to Apple Inc. shares, according to an FWP filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 7.62% to 8.62% if the stock closes at or above its coupon barrier level, 80% of its initial level, on the observation date for that quarter.

The notes will be called at par on if the stock closes at or above its initial level any quarterly observation date after one year.

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

RBC Capital Markets, LLC is the underwriter.

The notes will price on Jan. 17 and settle on Jan. 20.

The Cusip number is 78012KYL5.

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