By Angela McDaniels
Tacoma, Wash., Feb. 28 - Royal Bank of Canada priced $3.17 million of trigger phoenix autocallable notes due Feb. 28, 2019 linked to the worst performing of the iShares MSCI Emerging Markets exchange-traded fund and the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.
If each underlying component closes at or above its barrier, 75% of its initial level, on a quarterly observation date, the issuer will pay a contingent coupon for that quarter at the rate of 9.6% per year. Otherwise, no coupon will be paid that quarter.
If each underlying component closes at or above its initial level on a quarterly observation date, the notes will be automatically called at par plus the contingent coupon.
If the notes are not called and each underlying component finishes at or above its barrier, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be exposed to the decline of the worst-performing underlying component from its initial level.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Trigger phoenix autocallable notes
|
| Underliers: | iShares MSCI Emerging Markets ETF and Euro Stoxx 50 index
|
| Amount: | $3,168,000
|
| Maturity: | Feb. 28, 2019
|
| Coupon: | If each underlier closes at or above barrier level on quarterly observation date, coupon paid that quarter at rate of 9.6% per year
|
| Price: | Par
|
| Payout at maturity: | If each underlier finishes at or above barrier level, par plus contingent coupon; otherwise, full exposure to decline of worst-performing underlier from initial level
|
| Call: | Automatically at par plus contingent coupon if each underlier closes at or above initial level on any quarterly observation date
|
| Initial levels: | $39.01 for ETF and 3,148.19 for index
|
| Barrier levels: | $29.26 for ETF and 2,361.14 for index, 75% of initial levels
|
| Pricing date: | Feb. 26
|
| Settlement date: | Feb. 28
|
| Underwriter: | RBC Capital Markets, LLC
|
| Fees: | 1.5%
|
| Cusip: | 78010URE9
|
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