Published on 4/17/2019 in the Prospect News Structured Products Daily.
New Issue: RBC sells $1.56 million contingent coupon barrier autocalls on four tech stocks
By Sarah Lizee
Olympia, Wash., April 17 – Royal Bank of Canada priced $1.56 million of autocallable contingent coupon barrier notes due April 21, 2022 linked to the least performing of the common stocks of Amazon.com, Inc., Facebook, Inc., Alphabet Inc. and Netflix Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annual rate of 10% if all the stocks close at or above their coupon barriers, 50% of their initial prices, on the applicable quarterly observation date.
The notes will be called at par plus the coupon if each stock closes at or above its initial price on any quarterly observation date starting on Oct. 15.
The payout at maturity will be par plus the final coupon unless any stock finishes below its 50% trigger price, in which case investors will lose 1% for each 1% that the least-performing stock’s final price is less than its initial price.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
|
| Issue: | Autocallable contingent coupon barrier notes
|
| Underlying stocks: | Amazon.com, Inc. (Symbol: AMZN), Facebook, Inc. (Symbol: FB), Alphabet Inc. (Symbol: GOOGL) and Netflix Inc. (Symbol: NFLX)
|
| Amount: | $1,563,000
|
| Maturity: | April 21, 2022
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| Coupon: 10%, payable quarterly if each stock closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below trigger price, in which case par plus return of the least-performing stock
|
| Call: | Starting Oct. 15, automatically at par if each stock closes at or above initial price on any quarterly observation date
|
| Initial prices: | $1,844.87 for Amazon, $179.65 for Facebook, $1,226.53 for Alphabet and $348.87 for Netflix
|
| Coupon barriers: | $922.44 for Amazon, $89.83 for Facebook, $613.27 for Alphabet and $174.44 for Netflix; 50% of initial prices
|
| Trigger prices: | $922.44 for Amazon, $89.83 for Facebook, $613.27 for Alphabet and $174.44 for Netflix; 50% of initial prices
|
| Pricing date: | April 15
|
| Settlement date: | April 18
|
| Agent: | RBC Capital Markets, LLC
|
| Fees: | 2.25%
|
| Cusip: | 78013X4P0
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