Published on 6/15/2017 in the Prospect News Structured Products Daily.
New Issue: RBC prices $4.3 million autocallable barrier notes linked to Stoxx, Russell
By Wendy Van Sickle
Columbus, Ohio, June 15 – Royal Bank of Canada priced $4.3 million of 0% autocallable barrier notes due June 14, 2022 linked to the lesser performing of the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Beginning Dec. 11, 2017, the notes will be called at par plus a 9% annualized premium if each index closes at or above its initial level on any quarterly observation date.
If the final level of the lesser-performing index is greater than or equal to its 75% barrier level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the lesser-performing index finishes below its initial level.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
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| Issue: | Autocallable barrier notes
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| Underlying indexes: | Euro Stoxx 50 and Russell 2000
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| Amount: | $4,303,000
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| Maturity: | June 14, 2022
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If final level of lesser-performing index is greater than or equal to trigger level, par; otherwise, 1% loss for every 1% that lesser-performing index finishes below initial level
|
| Call: | Beginning Dec. 11, 2017, notes will be called at par plus 9% annualized premium if each index closes at or above initial level on any quarterly observation date
|
| Initial index levels: | 3,586.07 for Euro Stoxx 50 and 1,421.707 for Russell 2000
|
| Barrier levels: | 2,689.55 for Euro Stoxx 50 and 1,066.280 for Russell 2000; 75% of initial levels
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| Pricing date: | June 9
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| Settlement date: | June 14
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| Underwriter: | RBC Capital Markets, LLC
|
| Fees: | 3%
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| Cusip: | 78012KW60
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