By Devika Patel
Knoxville, Tenn., May 24 – Royal Bank of Canada priced $5,325,000 of trigger autocallable contingent yield notes due May 25, 2022 linked to the lesser performing of the iShares MSCI EAFE exchange-traded fund and the iShares Russell 2000 exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 7% if each ETF closes at or above its coupon barrier, 70% of its initial level, on the observation date for that quarter.
The notes will be called at par if each ETF closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par plus the final coupon unless either ETF finishes below the 70% downside threshold level, in which case investors will lose 1% for each 1% decline of the worse performing ETF.
UBS Financial Services Inc. and RBC Capital Markets, LLC are the agents.
| Issuer: | Royal Bank of Canada
|
| Issue: | Trigger autocallable contingent yield notes
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| Underlying ETFs: | iShares MSCI EAFE and iShares Russell 2000
|
| Amount: | $5,325,000
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| Maturity: | May 25, 2022
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| Coupon: | 7%, payable quarterly if each ETF closes at or above coupon barrier on observation date
|
| Price: | Par of $10
|
| Call: | At par plus contingent coupon if each ETF closes at or above initial level on any quarterly observation date after six months
|
| Payout at maturity: | Par plus final coupon unless either ETF closes below 70% trigger level, in which case 1% loss for each 1% decline
|
| Initial ETF levels: | $64.51 for EAFE, $151.78 for Russell
|
| Coupon/downside levels: | $45.16 for EAFE, $106.25 for Russell, 70% of initial levels
|
| Pricing date: | May 21
|
| Settlement date: | May 24
|
| Agents: | UBS Financial Services Inc. and RBC Capital Markets, LLC
|
| Fees: | 2%
|
| Cusip: | 78014H821
|
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