Published on 3/19/2019 in the Prospect News Structured Products Daily.
New Issue: RBC prices $99,000 contingent coupon barrier notes linked to Shell, Exxon Mobil
By Angela McDaniels
Tacoma, Wash., March 19 – Royal Bank of Canada priced $99,000 of autocallable contingent coupon barrier notes due March 18, 2022 linked to the lesser performing of the common stocks of Royal Dutch Shell plc and Exxon Mobil Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 8.45% per year if each stock closes at or above its trigger price, 70% of its initial share price, on the observation date for that quarter.
Beginning Sept. 16, the notes will be automatically called at par if each stock closes at or above its initial share price on any quarterly observation date.
The payout at maturity will be par unless the lesser-performing stock finishes below its trigger price, in which case investors will lose 1% for every 1% that the lesser-performing stock declines from the initial share price.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Autocallable contingent coupon barrier notes
|
| Underlying stocks: | Royal Dutch Shell plc (Symbol: RDSA) and Exxon Mobil Corp. (Symbol: XOM)
|
| Amount: | $99,000
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| Maturity: | March 18, 2022
|
| Coupon: | 8.45%, payable quarterly if each stock closes at or above trigger price on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless lesser-performing stock finishes below trigger price, in which case 1% loss for every 1% that lesser-performing stock declines from initial share price
|
| Call: | Beginning Sept. 16, automatically at par if each stock closes at or above initial share price on any quarterly observation date
|
| Initial share prices: | 2,382.0p for Shell and $80.15 for Exxon Mobil
|
| Trigger prices: | 1,667.4p for Shell and $56.11 for Exxon Mobil, 70% of initial share prices
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| Pricing date: | March 15
|
| Settlement date: | March 20
|
| Underwriter: | RBC Capital Markets, LLC
|
| Fees: | 2.25%
|
| Cusip: | 78013X2R8
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