Published on 8/8/2018 in the Prospect News Structured Products Daily.
New Issue: RBC sells $1.4 million contingent coupon barrier autocalls on three stocks
By Wendy Van Sickle
Columbus, Ohio, Aug. 8 – Royal Bank of Canada priced $1.4 million of autocallable contingent coupon barrier notes due July 30, 2021 linked to the least performing of the common stocks of Allergan plc, Biogen Inc. and Gilead Sciences, Inc., 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% 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 its initial price on any observation date after six months.
The payout at maturity will be par unless any stock finishes below its 60% trigger price, in which case investors will be fully exposed to any losses of the least-performing stock.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
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| Issue: | Autocallable contingent coupon barrier notes
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| Underlying stocks: | Allergan plc, Biogen Inc. and Gilead Sciences, Inc.
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| Amount: | $1,398,000
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| Maturity: | July 30, 2021
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| Coupon: | 9%, payable quarterly if each stock closes at or above coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below trigger price, in which case par plus return of the least-performing stock
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| Call: | At par if each stock closes above initial price on any observation date after six months
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| Initial prices: | $178.62 for Allergan, $340.40 for Biogen and $76.81 for Gilead
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| Coupon barrier/triggers: | $107.17 for Allergan, $204.24 for Biogen and $46.09 for Gilead; 60% of initial prices
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| Pricing date: | July 27
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| Settlement date: | July 31
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 2.25%
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| Cusip: | 78013XQF8
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