Published on 8/19/2019 in the Prospect News Structured Products Daily.
New Issue: RBC sells $2.66 million contingent coupon barrier autocalls on two stocks
By Sarah Lizee
Olympia, Wash., Aug. 19 – Royal Bank of Canada prices $2.66 million of autocallable contingent coupon barrier notes due Aug. 19, 2022 linked to the least performing of the stocks of PayPal Holdings, Inc. and Square, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a quarterly coupon at an annual rate of 9.5% if both stocks close at or above their coupon barriers, 50% of their initial prices, on the applicable quarterly observation date.
The notes will be called at par plus the coupon if each stock closes at or above its initial price on any quarterly observation date starting Feb. 18, 2020.
The payout at maturity will be par unless either stock finishes below its 50% trigger price, in which case investors will be fully exposed to the decline of the lesser performing stock.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
|
| Issue: | Autocallable contingent coupon barrier notes
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| Underlying stocks: | PayPal Holdings, Inc. and Square, Inc.
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| Amount: | $2.66 million
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| Maturity: | Aug. 19, 2022
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| Coupon: | 9.5%, payable quarterly if each stock closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either stock finishes below trigger price, in which case investors will be fully exposed to the decline of the lesser performing stock
|
| Call: | Automatically at par plus the coupon if each stock closes at or above initial price on any quarterly observation date starting Feb. 18, 2020
|
| Initial prices: | $106.16 for PayPal, $62.87 for Square
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| Coupon barriers: | $53.08 for PayPal, $31.44 for Square; 50% of initial prices
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| Trigger prices: | $53.08 for PayPal, $31.44 for Square; 50% of initial prices
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| Pricing date: | Aug. 16
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| Settlement date: | Aug. 21
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 2.25%
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| Cusip: | 78013XYH5
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