Published on 4/1/2019 in the Prospect News Structured Products Daily.
New Issue: RBC prices $250,000 autocallable barrier notes with recovery on Dow, Russell
By Sarah Lizee
Olympia, Wash., April 1 – Royal Bank of Canada priced $250,000 of 0% autocallable barrier notes with recovery feature due March 30, 2023 linked to the lesser performing of the Dow Jones industrial average and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus 8% per year if each index closes at or above its initial level on any annual observation date.
If the final level of the lesser performing index is less than its initial level, but greater than or equal to its barrier level, 70% of its initial level, the payout at maturity will be the recovery amount of $1,080 per $1,000 principal amount.
If the final level of the lesser performing reference index is below its barrier level, investors will be fully exposed to the decline of the lesser performing index from its initial level.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
|
| Issue: | Autocallable barrier notes
|
| Underlying indexes: | Dow Jones industrial average and Russell 2000 index
|
| Amount: | $250,000
|
| Maturity: | March 30, 2023
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | If the final level of the lesser performing index is less than its initial level, but greater than or equal to its barrier level, $1,080 per $1,000 principal amount; otherwise, investors will be fully exposed to the decline of the lesser performing index from its initial level
|
| Call: | At par plus 8% per year if each index closes at or above initial level on any annual observation date
|
| Initial index levels: | 25,625.59 for Dow, 1,522.231 for Russell
|
| Barrier levels: | 17,937.91 for Dow, 1,065.562 for Russell; 70% of initial levels
|
| Pricing date: | March 27
|
| Settlement date: | March 29
|
| Agent: | RBC Capital Markets, LLC
|
| Fees: | 2.5%
|
| Cusip: | 78013X3J5
|
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