By Susanna Moon
Chicago, Dec. 22 – Royal Bank of Canada priced $900,000 of trigger phoenix autocallable notes due Dec. 22, 2016 linked to the worst performing of American Depositary Shares of BP plc, the common stock of ConocoPhillips and the American Depositary Shares representing two A ordinary shares of 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 8.4% if each stock closes at or above its barrier level, 60% of its initial price, on an observation date for that quarter.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial price on any quarterly observation date.
The payout at maturity will be par plus the contingent coupon unless any stock finishes below its barrier level, in which case investors will be fully exposed to any losses of the worse performing stock.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Trigger phoenix callable notes
|
| Underlying stocks: | BP plc (Symbol: BP), ConocoPhillips (Symbol: COP) and Royal Dutch Shell plc (Symbol: RDS.A)
|
| Amount: | $900,000
|
| Maturity: | Dec. 22, 2016
|
| Coupon: | 8.4% annualized for each quarter that each stock closes at or above barrier level on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | If each stock finishes at or above barrier level, par plus contingent coupon; otherwise, full exposure to losses of worst performing stock
|
| Call: | At par plus contingent coupon if each stock closes at or above its initial price on any quarterly observation date
|
| Initial prices: | $38.32 for BP, $69.75 for ConocoPhillips and $66.54 for Royal Dutch Shell
|
| Barrier prices: | 60% of initial levels
|
| Pricing date: | Dec. 18
|
| Settlement date: | Dec. 23
|
| Underwriter: | RBC Capital Markets, LLC
|
| Fees: | 1.75%
|
| Cusip: | 78010U7E1
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
