Published on 9/6/2019 in the Prospect News Structured Products Daily.
New Issue: RBC prices $2.05 million contingent coupon barrier notes linked to indexes
By Angela McDaniels
Tacoma, Wash., Sept. 6 – Royal Bank of Canada priced $2.05 million of callable contingent coupon barrier notes due Sept. 10, 2021 linked to the least performing of the S&P 500 index, the Russell 2000 index and the Nasdaq-100 index, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate of 12.15% per year if each index closes at or above its trigger level, 75% of its initial level, on each trading day during that quarter.
The notes are callable at par on any coupon payment date other than the final one.
The payout at maturity will be par unless any index finishes below its trigger level, in which case investors will be exposed to the decline of the least-performing index from its initial level.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Callable contingent coupon barrier notes
|
| Underlying indexes: | S&P 500, Russell 2000 and Nasdaq-100
|
| Amount: | $2.05 million
|
| Maturity: | Sept. 10, 2021
|
| Coupon: | 12.15%, payable quarterly if each index closes at or above trigger level on each trading day during that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless any index finishes below trigger level, in which case exposure to decline of least-performing index from initial level
|
| Call option: | Callable at par on any coupon payment date other than final one
|
| Initial levels: | 2,937.78 for S&P 500, 1,484.758 for Russell 2000 and 7,719.247 for Nasdaq-100
|
| Trigger levels: | 2,203.34 for S&P 500, 1,113.569 for Russell 2000 and 5,789.435 for Nasdaq-100, or 75% of initial levels
|
| Pricing date: | Sept. 4
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| Settlement date: | Sept. 9
|
| Underwriter: | RBC Capital Markets, LLC
|
| Fees: | 1.5%
|
| Cusip: | 78015KCJ1
|
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