RBC to price contingent coupon barrier autocallables on three stocks

By Sarah Lizee

Olympia, Wash., Nov. 26 – Royal Bank of Canada plans to price autocallable contingent coupon barrier notes due Dec. 2, 2021 linked to the worst performing of the common stocks of Amazon.com, Inc., Target Corp. and Walmart Inc., according to an FWP filing with the Securities and Exchange Commission.

The notes will pay a quarterly coupon at an annual rate of 9.8% to 10.8% if each stock closes above its coupon barrier level, 55% of its initial level, on the observation date for that quarter. The exact coupon will be set at pricing.

The notes will be called at par plus the coupon if each stock closes above its initial price on any quarterly observation date, starting May 28, 2019.

The payout at maturity will be par plus the final coupon unless any stock finishes below the 55% trigger level, in which case investors will lose 1% for each 1% that the worst-performing stock’s final level is less than its initial level.

RBC Capital Markets, LLC is the agent.

The notes (Cusip: 78013XSZ2) will price on Nov. 28 and settle on Nov. 30.

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