RBC plans contingent coupon barrier autocallables on two stocks

By Sarah Lizee

Olympia, Wash., June 12 – Royal Bank of Canada plans to price autocallable contingent coupon barrier notes due July 2, 2020 linked to the least performing of the common stocks of AT&T Inc. and Verizon Communications Inc., according to an FWP filing with the Securities and Exchange Commission.

Each quarter, the notes will pay a contingent coupon if each stock closes at or above its trigger price, 78% of its initial share price, on the observation date for that quarter. The contingent coupon rate is expected to be 9% to 10% per year and will be set at pricing.

The notes will be automatically called at par if each stock closes at or above its initial share price on any quarterly observation date.

The payout at maturity will be par unless the least-performing stock finishes below its trigger price, in which case investors will lose 1% for every 1% that the least-performing stock declines from the initial share price.

RBC Capital Markets, LLC is the underwriter.

The notes will price June 27.

The Cusip number is 78013GHL2.

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