RBC plans contingent coupon barrier autocallables on two ETFs

By Marisa Wong

Morgantown, W.Va., Aug. 28 – Royal Bank of Canada plans to price autocallable contingent coupon barrier notes due Sept. 2, 2021 linked to the lesser performing of the iShares MSCI Emerging Markets exchange-traded fund and the iShares MSCI EAFE index fund, according to an FWP filing with the Securities and Exchange Commission.

The notes will pay a quarterly coupon at an annual rate of 5.4% if each fund closes at or above its coupon barrier, 70% of its initial price, on the applicable quarterly observation date.

The notes will be called at par plus the coupon if each fund closes at or above its initial price on any quarterly observation date starting on Feb. 28, 2019.

The payout at maturity will be par plus the final coupon unless either fund finishes below its 70% trigger price, in which case investors will lose 1% for each 1% that the lesser-performing fund’s final price is less than its initial price.

RBC Capital Markets, LLC is the agent.

The notes will price on Aug. 29.

The Cusip number is 78013XD21.

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