RBC plans 10.75%-11.5% contingent coupon autocallables tied to Tesla

By Susanna Moon

Chicago, Jan. 10 – Royal Bank of Canada plans to price autocallable contingent coupon barrier notes due Jan. 15, 2021 linked to Tesla, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 10.75% to 11.5% if the stock closes at or above its 60% coupon barrier on the observation date for that quarter.

The notes will be called at par if the stock closes at or above its initial level on any quarterly observation date after six months.

The payout at maturity will be par unless the stock finishes below its 60% trigger level, in which case investors will be fully exposed to any losses.

RBC Capital Markets, LLC is the underwriter.

The notes will price on Jan. 12 and settle on Jan. 18.

The Cusip number is 78013XCY2.

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