RBC plans callable contingent coupon barrier notes tied to funds

By Wendy Van Sickle

Columbus, Ohio, Feb. 7 – Royal Bank of Canada plans to price callable contingent coupon barrier notes due Dec. 19, 2019 linked to the least performing of the SPDR S&P Regional Banking exchange-traded fund and the Energy Select Sector SPDR fund, according to an FWP filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 12.25% to 14.25% if each fund closes at or above its 80% barrier level on an observation date for that quarter.

The notes will be callable on any quarterly observation date after one year.

The payout at maturity will be par unless either fund finishes below the 80% barrier level, in which case investors will be fully exposed to any losses of the worse performing fund.

RBC Capital Markets, LLC is the underwriter.

The notes will price on Feb. 9 and settle on Feb. 14.

The Cusip number is 78013GCE3.

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