RBC plans contingent coupon barrier autocallables on Bank of America

By Susanna Moon

Chicago, Sept. 15 – Royal Bank of Canada plans to price autocallable contingent coupon barrier notes due Sept. 22, 2017 linked to Bank of America Corp. shares, according to an FWP filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 9.25% to 12.25% if the stock closes at or above the 75% barrier level on the observation date for that quarter.

The notes will be callable at par on any interest payment date.

The payout at maturity will be par unless the stock finishes below its 75% trigger level, in which case investors will receive a number of Bank of America shares equal to $1,000 divided by the initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.

RBC Capital Markets, LLC is the underwriter.

The notes will price on Sept. 19 and settle on Sept. 22.

The Cusip number is 78013GBM6.

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