By Marisa Wong
Madison, Wis., Dec. 11 – Royal Bank of Canada priced $1.02 million of trigger phoenix autocallable notes due Dec. 15, 2016 linked to the worst performing of the stocks of ConocoPhillips and Halliburton Co., according to a 424B2 filing with the Securities and Exchange Commission.
If each stock closes at or above its barrier price, 65% of its initial price, on a quarterly observation date, the issuer will pay a contingent coupon for that quarter at the annual rate of 13.25%.
If each stock closes at or above its initial price on any quarterly observation date, the notes will be called at par plus the contingent coupon.
If the notes are not called, the payout at maturity will be par plus the contingent coupon unless the final price of either stock is less than its barrier price, in which case investors will be fully exposed to the decline of the worse performing stock.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
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| Issue: | Trigger phoenix callable notes
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| Underlying stocks: | ConocoPhillips (Symbol: COP) and Halliburton Co. (Symbol: HAL)
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| Amount: | $1,015,000
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| Maturity: | Dec. 15, 2016
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| Coupon: | 13.25% annualized for each quarter that each stock closes at or above barrier level on observation date for that quarter
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| Price: | Par
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| 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
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| Call: | At par plus contingent coupon if each stock closes at or above its initial price on any quarterly observation date
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| Initial prices: | $63.54 for ConocoPhillips, $38.12 for Halliburton
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| Barrier prices: | $41.30 for ConocoPhillips, $24.78 for Halliburton; 65% of initial levels
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| Pricing date: | Dec. 10
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| Settlement date: | Dec. 15
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| Underwriter: | RBC Capital Markets, LLC
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| Fees: | 1.75%
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| Cusip: | 78010U7A9
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