New York, July 13 – Royal Bank of Canada priced $102 million of autocallable contingent coupon barrier notes due July 16, 2020 linked to the iShares MSCI Emerging Markets ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 6.55% if the fund closes at or above the 70% coupon barrier on the observation date for that quarter.
The notes will be called at par if the fund closes at or above its initial price on any quarterly observation date after one year.
The payout at maturity will be par unless the fund finishes below the 70% trigger level, in which case investors will be fully exposed to any losses.
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 ETF: | iShares MSCI Emerging Markets ETF
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Amount: | $10 million
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Maturity: | July 16, 2020
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Coupon: | 6.55%, payable quarterly if fund closes at or above coupon barrier level on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par unless fund finishes below trigger, in which case 1% loss for each 1% decline of fund
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Call: | At par if fund closes at or above initial price on any quarterly observation date beginning July 11, 2018
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Initial level: | $41.86
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Coupon barrier/trigger level: | $29.30, 70% of initial level
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Pricing date: | July 11
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Settlement date: | July 14
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Agents: | RBC Capital Markets, LLC
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Fees: | 0.48%
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Cusip: | 78012K2R7
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