Published on 4/19/2018 in the Prospect News Structured Products Daily.
New Issue: RBC sells $706,000 9.2% contingent coupon autocalls on AbbVie, Celgene
By Susanna Moon
Chicago, April 19 – Royal Bank of Canada priced $706,000 of autocallable contingent coupon barrier notes due April 16, 2021 linked to the common stocks of AbbVie Inc. and Celgene Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annual rate of 9.2% if each stock closes at or above its 60% coupon barrier on the observation date for that quarter.
The notes will be called at par if each stock closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par unless either stock finishes below its 60% trigger level, in which case investors will be fully exposed to any losses 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: | AbbVie Inc. (Symbol: ABBV) and Celgene Corp. (Symbol: CELG)
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Amount: | $706,000
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Maturity: | April 16, 2021
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Coupon: | 9.2% annualized, payable quarterly if each stock closes at or above 60% 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 60% trigger, in which case 1% loss per 1% decline of worse performing stock
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Call: | At par if each stock closes at or above initial level on any quarterly observation date beginning Oct. 15, 2018
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Initial levels: | $91.83 for AbbVie and $89.40 for Celgene
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Trigger levels: | $55.10 for AbbVie and $53.64 for Celgene, 60% of initial levels
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Pricing date: | April 13
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Settlement date: | April 18
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Agent: | RBC Capital Markets, LLC
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Fees: | 2.25%
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Cusip: | 78013XKN7
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