RBC plans barrier notes with memory coupon linked to Bank of America

By Angela McDaniels

Tacoma, Wash., Oct. 11 – Royal Bank of Canada plans to price autocallable contingent coupon barrier notes with memory coupon due Oct. 20, 2020 linked to the common stock of Bank of America Corp., according to a 424B2 filing with the Securities and Exchange Commission.

If the stock closes at or above the trigger price, 65% of the initial share price, on a quarterly observation date, the notes will pay a contingent coupon that quarter at the rate of at least 7.75% per year plus any contingent coupons that were not previously paid.

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

The payout at maturity will be par unless the finishes below the trigger price, in which case investors will receive a number of shares of Bank of America stock equal to $1,000 divided by the initial share price.

RBC Capital Markets, LLC is the underwriter.

The notes will price Oct. 15.

The Cusip number is 78013GTB1.

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