RBC plans 9.1%-10.1% contingent coupon autocalls on biotech, pharma

By Susanna Moon

Chicago, Aug. 22 – Royal Bank of Canada plans to price autocallable contingent coupon barrier notes due Sept. 2, 2021 linked to the least performing of the common stocks of Biogen Inc., Celgene Corp. and Eli Lilly & Co., according to a 424B2 filing with the Securities and Exchange Commission.

The notes pay a contingent quarterly coupon at an annual rate of 9.1% to 10.1% if each stock closes at or above its 60% coupon barrier on the observation date for that quarter.

The notes will be called at par if each stock closes at or above its initial level on any quarterly observation date.

The payout at maturity will be par unless any stock finishes below its 60% trigger level, in which case investors will be fully exposed to any losses of the worst performing stock.

RBC Capital Markets, LLC is the underwriter.

The notes will price on Aug. 29.

The Cusip number is 78013XA99.

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