Published on 10/28/2019 in the Prospect News Structured Products Daily.
New Issue: RBC sells $8.44 million trigger autocallable contingent yield notes on the Dow
By Wendy Van Sickle
Columbus, Ohio, Oct. 28 – Royal Bank of Canada priced $8.44 million of trigger autocallable contingent yield notes due Oct. 29, 2021 linked to the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent coupon at the rate 7.02% per year if the index closes at or above the coupon barrier, 80% of the initial level, on the observation date for that quarter.
The notes will be automatically called at par of $10 if the index closes at or above the initial level on any quarterly observation date after six months.
If the notes are not called and the final level is greater than or equal to the downside threshold level, 80% of the initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the final level is less than the initial level.
UBS Financial Services Inc. and RBC Capital Markets, LLC are the agents.
| Issuer: | Royal Bank of Canada
|
| Issue: | Trigger autocallable contingent yield notes
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| Underlying index: | Dow Jones industrial average
|
| Amount: | $8,438,600
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| Maturity: | Oct. 29, 2021
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| Contingent coupon: | 7.02%, payable quarterly if index closes at or above coupon barrier level on related quarterly observation date after six months
|
| Price: | Par of $10
|
| Payout at maturity: | Par unless index finishes below downside threshold level, in which case 1% loss for each 1% decline from initial level
|
| Call: | Automatically at par if index closes at or above initial level on any quarterly observation date
|
| Initial level: | 26,958.06
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| Coupon barrier: | 21,556.45, 80% of initial price
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| Downside threshold: | 21,556.45, 80% of initial price
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| Pricing date: | Oct. 25
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| Settlement date: | Oct. 31
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| Agents: | UBS Financial Services Inc. and RBC Capital Markets, LLC
|
| Fees: | 1.5%
|
| Cusip: | 78014J637
|
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