Published on 12/10/2019 in the Prospect News Structured Products Daily.
New Issue: RBC sells $1.58 million contingent coupon barrier autocalls on two stocks
By Sarah Lizee
Olympia, Wash., Dec. 10 – Royal Bank of Canada prices $1.58 million of autocallable contingent coupon barrier notes due Dec. 1, 2022 linked to the least performing of the stocks of Caterpillar Inc. and 3M Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annual rate of 8.25% if both stocks close at or above their coupon barriers, 60% of their initial prices, on the applicable quarterly observation date.
The notes will be called at par plus the coupon if each stock closes at or above its initial price on any quarterly observation date starting May 26, 2020.
The payout at maturity will be par plus the coupon unless either stock finishes below its 60% trigger price, in which case investors will be fully exposed to the decline of the lesser performing stock.
RBC Capital Markets, LLC is the agent.
Issuer: | Royal Bank of Canada
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Issue: | Autocallable contingent coupon barrier notes
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Underlying stocks: | Caterpillar Inc. and 3M Co.
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Amount: | $1,584,000
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Maturity: | Dec. 1, 2022
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Coupon: | 8.25%, payable quarterly if each stock closes at or above coupon barrier on observation date for that quarter
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Price: | Par
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Payout at maturity: | Par plus coupon unless either stock finishes below trigger price, in which case investors will be fully exposed to decline of the lesser performing stock
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Call: | Automatically at par plus coupon if each stock closes at or above initial price on any quarterly observation date starting May 26, 2020
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Initial prices: | $146.09 for Caterpillar, $169.23 for 3M
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Coupon barriers: | $87.65 for Caterpillar, $101.54 for 3M; 60% of initial prices
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Trigger prices: | $87.65 for Caterpillar, $101.54 for 3M; 60% of initial prices
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Pricing date: | Nov. 26
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Settlement date: | Nov. 29
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Agent: | RBC Capital Markets, LLC
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Fees: | 2.25%
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Cusip: | 78015KHC1
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