Published on 1/23/2018 in the Prospect News Structured Products Daily.
New Issue: RBC sells $1.17 million contingent coupon barrier autocalls linked to four stocks
By Wendy Van Sickle
Columbus, Ohio, Jan. 23 – Royal Bank of Canada priced $1.17 million of autocallable contingent coupon barrier notes due Jan. 24, 2020 linked to the least performing of the common stocks of Amazon.com, Inc., Facebook, Inc., Alphabet Inc. and Netflix Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8.5% if each stock closes at or above its 60% coupon barrier on the observation date for that quarter.
The notes will be called at par if each stock closes its initial price on any observation date.
The payout at maturity will be par unless any stock finishes below its 60% trigger price, 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
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| Issue: | Autocallable contingent coupon barrier notes
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| Underlying stocks: | Amazon.com, Inc. (Symbol: AMZN), Apple Inc. (Symbol: AAPL), Alphabet Inc. (Symbol: GOOGL) and Netflix Inc. (Symbol: NFLX)
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| Amount: | $1.17 million
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| Maturity: | Jan. 24, 2020
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| Coupon: | 8.5%, payable quarterly if each stock closes at or above coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless any stock finishes below trigger price, in which case par plus return of the least-performing stock
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| Call: | At par if each stock closes above initial price on any observation date
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| Initial prices: | $1,293.32 for Amazon, $179.80 for Facebook, $1,129.79 for Alphabet and $179.26 for Apple
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| Coupon barrier/triggers: | $775.99 for Amazon, $107.88 for Facebook, $677.86 for Alphabet and $107.56 for Apple; 60% of initial prices
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| Pricing date: | Jan. 18
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| Settlement date: | Jan. 23
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 2.25%
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| Cusip: | 78013GFM2
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