Published on 1/24/2019 in the Prospect News Structured Products Daily.
New Issue: RBC sells $1.26 million contingent coupon barrier autocalls on bank stocks
By Sarah Lizee
Olympia, Wash., Jan. 24 – Royal Bank of Canada priced $1.26 million of autocallable contingent coupon barrier notes due Jan. 21, 2022 linked to the worst performing of the common stocks of Goldman Sachs Group, Inc., Wells Fargo & Co. and Bank of America Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annual rate of 10.85% if each stock closes above its coupon barrier level, 60% of its initial level, on the observation date for that quarter.
The notes will be called at par plus the coupon if each stock closes above its initial price on any quarterly observation date beginning on July 18.
The payout at maturity will be par plus the final coupon unless any stock finishes below the 60% trigger level, in which case investors will be fully exposed to any losses of the least-performing stock.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
|
| Issue: | Autocallable contingent coupon barrier notes
|
| Underlying stocks: | Goldman Sachs Group, Inc., Wells Fargo & Co. and Bank of America Corp.
|
| Amount: | $1,263,000
|
| Maturity: | Jan. 21, 2022
|
| Coupon: | 10.85%, payable quarterly if each stock closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless any stock finishes below trigger price, in which case investors will be fully exposed to any losses of the least-performing stock
|
| Call: | At par if each stock closes above initial price on any observation date starting on July 18
|
| Initial prices: | $29.30 for BofA, $202.54 for Goldman, $50.01 for Wells
|
| Coupon barrier/triggers: | $17.58 for BofA, $121.52 for Goldman, $30.01 for Wells; 60% of initial prices
|
| Pricing date: | Jan. 18
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| Settlement date: | Jan. 24
|
| Agent: | RBC Capital Markets, LLC
|
| Fees: | 2.25%
|
| Cusip: | 78013XVQ8
|
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