By Wendy Van Sickle
Columbus, Ohio, May 9 – Royal Bank of Canada priced $7.23 million of trigger phoenix autocallable notes due May 9, 2019 linked to the Market Vectors Gold Miners exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10.65% if the fund closes at or above the barrier price, 55% of the initial price, on the observation date for that quarter.
If the fund closes at or above the initial price on any quarterly observation date, the notes will be called at par plus the contingent coupon.
The payout at maturity will be par plus the contingent coupon unless the fund finishes below the 55% trigger level, in which case investors will be fully exposed to the decline.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
|
| Issue: | Trigger phoenix autocallable notes
|
| Underlying fund: | Market Vectors Gold Miners ETF
|
| Amount: | $7,226,000
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| Maturity: | May 9, 201p
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| Coupon: | 10.65% per year, payable quarterly if fund closes at or above barrier price on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon if fund finishes at or above trigger price; otherwise, full exposure to nay losses
|
| Call: | At par plus contingent coupon if fund closes at or above initial price on any quarterly observation date
|
| Initial level: | $25.13
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| Trigger level: | $13.82, 55% of initial share price
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| Pricing date: | May 6
|
| Settlement date: | May 11
|
| Agents: | RBC Capital Markets, LLC
|
| Fees: | 2.25%
|
| Cusip: | 78012KNZ6
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