Published on 5/9/2017 in the Prospect News Structured Products Daily.
New Issue: RBC prices $1.61 million contingent coupon barrier autocallables tied to two stocks
New York, May 9 – Royal Bank of Canada priced $1.61 million of autocallable contingent coupon barrier notes due May 9, 2019 linked to the common stocks of Apple Inc. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.5% if each stock closes at or above its 75% coupon barrier on the observation date for that quarter.
The notes will be automatically called at par if each stock closes at or above its initial price on any quarterly observation date beginning Nov. 6, 2017.
The payout at maturity will be par unless either stock finishes below the 75% trigger level, in which case investors will lose 1% for each 1% decline of the worse performing stock.
RBC Capital Markets, LLC is the underwriter.
Issuer: | Royal Bank of Canada
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Issue: | Autocallable contingent coupon barrier notes
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Underlying stocks: | Apple Inc. (Symbol: AAPL), Microsoft Corp. (Symbol: MSFT)
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Amount: | $1,611,000
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Maturity: | May 9, 2019
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Coupon: | 9.5%, payable quarterly if each stock closes at or above 75% coupon barrier on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless either stock finishes below trigger level, in which case 1% loss for each 1% decline of worse performing stock
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Call: | At par if each stock closes at or above initial price on any quarterly observation date beginning Nov. 6, 2017
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Initial levels: | $148.96 for Apple, $69.00 for Microsoft
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Trigger levels/Coupon barriers: | $111.72 for Apple, $51.75 for Microsoft; 75% of initial levels
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Pricing date: | May 5
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Settlement date: | May 10
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Agents: | RBC Capital Markets, LLC
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Fees: | 1.75%
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Cusip: | 78012KN78
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