Published on 3/29/2020 in the Prospect News Structured Products Daily.
New Issue: RBC sells $191,000 contingent coupon barrier autocalls on Valero, Exxon
Chicago, March 30 – Royal Bank of Canada prices $191,000 of autocallable contingent coupon barrier notes due March 21, 2023 linked to the least performing of the stocks of Valero Energy Corp. and Exxon Mobil Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annual rate of 11.25% if both 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 at or above its initial price on any quarterly observation date starting Sept. 16.
The payout at maturity will be par plus the coupon unless either stock finishes below its 60% trigger price, in which case investors will be fully exposed to the decline of the lesser performing stock.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
|
| Issue: | Autocallable contingent coupon barrier notes
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| Underlying stocks: | Valero Energy Corp. and Exxon Mobil Corp.
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| Amount: | $191,000
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| Maturity: | March 21, 2023
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| Coupon: | 11.25%, payable quarterly if each stock closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus coupon unless either stock finishes below trigger price, in which case investors will be fully exposed to decline of the lesser performing stock
|
| Call: | Automatically at par plus coupon if each stock closes at or above initial price on any quarterly observation date starting Sept. 16
|
| Initial prices: | $41.63 for Valero, $34.49 for Exxon
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| Coupon barriers: | $24.98 for Valero, $20.69 for Exxon; 60% of initial prices
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| Trigger prices: | $24.98 for Valero, $20.69 for Exxon; 60% of initial prices
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| Pricing date: | March 16
|
| Settlement date: | March 19
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| Agent: | RBC Capital Markets, LLC
|
| Fees: | 2.25%
|
| Cusip: | 78015KLU6
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