By Marisa Wong
Madison, Wis., Nov. 18 – Royal Bank of Canada priced $910,000 of phoenix autocallable notes due Dec. 2, 2015 linked to the common stock of DISH Network Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 12.8% if DISH Network stock closes at or above the barrier level, 75% of the initial share price, on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if DISH Network shares close at or above the initial share price on any quarterly observation date.
If the notes are not called and DISH Network shares finish at or above the barrier level, the payout at maturity will be par plus the contingent coupon.
Otherwise, investors will be fully exposed to any losses.
RBC Capital Markets, LLC is the underwriter with J.P. Morgan Securities LLC as the placement agent.
| Issuer: | Royal Bank of Canada
|
| Issue: | Phoenix autocallable notes
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| Underlying stock: | DISH Network Corp. (Symbol: DISH)
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| Amount: | $910,000
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| Maturity: | Dec. 2, 2015
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| Coupon: | 12.8% per year, payable quarterly if DISH Network shares close at or above barrier price on observation date for that quarter; otherwise, no coupon will be paid for that quarter
|
| Price: | Par
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| Payout at maturity: | If shares finish at or above trigger price, par plus contingent coupon; otherwise, investors will be exposed to the decline in the stock price from the initial price to the final price
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| Call: | At par plus contingent coupon if stock closes at or above initial price on any quarterly observation date other than the final review date
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| Initial price: | $64.90
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| Barrier/trigger price: | $48.68, 75% of initial price
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| Pricing date: | Nov. 14
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| Settlement date: | Nov. 19
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| Underwriter: | RBC Capital Markets, LLC with J.P. Morgan Securities LLC as placement agent
|
| Fees: | 1%
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| Cusip: | 78010U5V5
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