RBC plans to price contingent coupon barrier autocalls on three stocks

By Wendy Van Sickle

Columbus, Ohio, July 22 – Royal Bank of Canada plans to price autocallable contingent coupon barrier notes due July 29, 2021 linked to the least performing of the common stocks of Archer-Daniels-Midland Co., Cardinal Health, Inc. and Lowe’s Cos., Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a quarterly coupon at an annual rate of 11.75% if all the stocks close at or above their coupon barriers, 60% of their initial prices, on the applicable quarterly observation date.

The notes will be called at par plus the coupon if each stock closes above its initial price on any quarterly observation date starting on Jan. 27.

The payout at maturity will be par plus the final coupon unless any stock finishes below its 60% 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.

The notes will price on July 25.

The Cusip number is 78013GHW8.

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