Published on 12/28/2017 in the Prospect News Structured Products Daily.
New Issue: RBC sells $405,000 contingent coupon barrier autocalls linked to three stocks
By Wendy Van Sickle
Columbus, Ohio, Dec. 28 – Royal Bank of Canada priced $405,000 of autocallable contingent coupon barrier notes due Dec. 28, 2020 linked to the least performing of the stocks of BP plc, Chevron Corp. and Royal Dutch Shell plc, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8.3% if each stock closes at or above its 75% 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 beginning June 22, 2018.
The payout at maturity will be par unless any stock finishes below its 75% 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: | BP plc, Chevron Corp. and Royal Dutch Shell plc
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| Amount: | $405,000
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| Maturity: | Dec. 28, 2020
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| Coupon: | 8.3%, 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 on or after June 22, 2018
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| Initial prices: | $41.29 for BP, $124.98 for Chevron and $49.31 for Royal Dutch
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| Coupon barrier/triggers: | $30.97 for BP, $93.74 for Chevron and $65.75 for Royal Dutch; 75% of initial prices
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| Pricing date: | Dec. 22
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| Settlement date: | Dec. 28
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 2.25%
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| Cusip: | 78013XCE6
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