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RBC plans contingent income autocallable securities linked to Netflix
By Devika Patel
Knoxville, Tenn., Aug. 21 – Royal Bank of Canada will price contingent income autocallable securities due March 1, 2018 linked to the common stock of Netflix, Inc., according to an FWP filing with the Securities and Exchange Commission.
If Netflix shares close at or above the downside threshold level, 75% of the initial share price, on a monthly determination date, the notes will pay a contingent payment that month at an annualized rate of 12%.
The notes will be called at par of $10 plus the contingent coupon if Netflix shares close at or above the initial share price on Sept. 25, 2017, Oct. 25, 2017, Nov. 27, 2017, Dec. 26, 2017 or Jan. 25, 2018.
If the final share price is greater than or equal to the downside threshold level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will lose 1% for every 1% that the final share price is less than the initial share price.
RBC Capital Markets Corp. is the agent, with Morgan Stanley Wealth Management handling distribution.
The notes (Cusip: 78013F305) will price on Aug. 25 and settle on Aug. 30.
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