Published on 5/1/2019 in the Prospect News Structured Products Daily.
New Issue: RBC prices $250,000 contingent buffer enhanced notes tied to Qualcomm
By Sarah Lizee
Olympia, Wash., May 1 – Royal Bank of Canada priced $250,000 of 0% contingent buffer enhanced notes due May 13, 2020 linked to the common stock of Qualcomm Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If the final stock price is greater than or equal to 85% of the initial price, the payout at maturity will be par plus 10.45%.
Otherwise, investors will receive a number of Qualcomm shares equal to the principal amount divided by the buffer level, or cash in lieu of shares at the issuers option. In this case, the value of the shares or cash investors receive will represent a loss of about 1.1765% of the principal amount for each 1% that the final level is less than the buffer level.
RBC Capital Markets, LLC is the underwriter, and JPMorgan Chase Bank NA and J.P. Morgan Securities LLC are the placement agents.
| Issuer: | Royal Bank of Canada
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| Issue: | Contingent buffer enhanced notes
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| Underlying stock: | Qualcomm Inc. (Symbol: QCOM)
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| Amount: | $250,000
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| Maturity: | May 13, 2020
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If the final stock price is greater than or equal to 85% of the initial price, par plus 10.45%; otherwise, number of Qualcomm shares equal to the principal amount divided by the buffer level, or cash in lieu of shares at the issuers option, representing a loss of about 1.1765% for each 1% that the final level is less than the buffer level
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| Initial share price: | $85.07
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| Buffer level: | $72.31, 85% of initial price
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| Pricing date: | April 26
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| Settlement date: | May 1
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| Underwriter: | RBC Capital Markets, LLC
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| Placement agents: | JPMorgan Chase Bank NA and J.P. Morgan Securities LLC
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| Fees: | 1%
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| Cusip: | 78013GWW1
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