RBC plans autocallable contingent coupon barrier notes on Gold Miners

By Tali Rackner

Norfolk, Va., Jan. 3 – Royal Bank of Canada plans to price 0% autocallable contingent coupon barrier notes due Jan. 16, 2020 linked to the VanEck Vectors Gold Miners exchange-traded fund, according to an FWP filing with the Securities and Exchange Commission.

The notes will pay a quarterly coupon at an annual rate of 9.6% to 10.4% if the fund closes above its coupon barrier, 60% of its initial level, on the review date for that quarter.

The notes will be called at par plus the coupon if the fund closes above its initial price on any observation date beginning on Jan. 16, 2018.

The payout at maturity will be par plus the final coupon unless the fund closes below the 60% trigger price, in which case investors will be fully exposed to the fund’s decline from its initial level.

RBC Capital Markets, LLC is the underwriter.

The notes will price on Jan. 13 and settle on Jan. 19.

The Cusip number is 78012KYH4.

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