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RBC plans contingent coupon barrier notes linked to Cisco, Qualcomm
By Angela McDaniels
Tacoma, Wash., Oct. 4 – Royal Bank of Canada plans to price autocallable contingent coupon barrier notes due Oct. 9, 2020 linked to the lesser performing of the common stocks of Cisco Systems, Inc. and Qualcomm Inc., according to an FWP filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon if each stock closes at or above its trigger price, 60% of its initial price, on the observation date for that quarter. The contingent coupon rate is expected to be 8% to 9% per year and will be set at pricing.
Beginning April 6, 2018, the notes will be automatically called at par if each stock closes at or above its initial share price on any quarterly observation date.
The payout at maturity will be par unless either stock finishes below its trigger price, in which case investors will be exposed to the decline of the lesser-performing stock from its initial share price.
RBC Capital Markets, LLC is the underwriter.
The notes will price Oct. 6.
The Cusip number is 78013GJQ9.
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