RBC plans to price 11% callable notes linked to three pharma stocks

By Angela McDaniels

Tacoma, Wash., Feb. 12 – Royal Bank of Canada plans to price issuer callable fixed-coupon notes due Feb. 19, 2021 linked to the least performing of the common stocks of Allergan plc, Bristol-Myers Squibb Co. and Gilead Sciences, Inc., according to an FWP filing with the Securities and Exchange Commission.

The coupon is 11% per year. Interest is payable monthly.

Beginning six months after issuance, the notes will be callable on any coupon payment date.

The payout at maturity will be par unless any stock closes below its barrier price, 50% of its initial share price, during the life of the notes and the least-performing stock finishes below its initial share price, in which case the payout will be a number of shares of the least-performing stock equal to $1,000 divided by its initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.

RBC Capital Markets, LLC is the underwriter.

The notes will price Feb. 13.

The Cusip number is 78013GHP3.

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