RBC to price trigger phoenix autocallables linked to three indexes

By Toni Weeks

San Luis Obispo, Calif., March 20 – Royal Bank of Canada plans to price trigger phoenix autocallable notes due March 31, 2020 linked to the worst performing of the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 9.5% to 10.2% if each index closes at or above its coupon barrier level, 75% of its initial level, on an observation date for that quarter. The exact coupon will be determined at pricing.

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

If the notes are not called and each index finishes at or above its 75% trigger level, the payout at maturity will be par plus the final coupon. Otherwise, investors will be exposed to the decline of the worst-performing index.

RBC Capital Markets, LLC is the agent.

The notes (Cusip: 78012KCT2) are expected to price March 27 and settle March 31.

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