RBC plans trigger phoenix autocallables linked to Euro Stoxx, S&P 500

By Wendy Van Sickle

Columbus, Ohio, Dec. 10 – Royal Bank of Canada plans to price trigger phoenix autocallable optimization securities due Dec. 21, 2017 linked to the lesser performing of the S&P 500 index and the Euro Stoxx 50 index, according to an FWP filed with the Securities and Exchange Commission.

Each quarter, the notes will pay a contingent coupon at an annual rate of 7.4% to 7.9% if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that quarter. The exact coupon will be set at pricing.

After six months, the notes will be called at par if each index closes at or above its initial level on any quarterly observation date.

If the notes are not called and each index finishes at or above its trigger level, 70% of its initial level, the payout at maturity will be par plus the final contingent coupon, if any. Otherwise, investors will be exposed to the decline of the lesser-performing index.

RBC Capital Markets LLC and UBS Financial Services Inc. are the agents.

The notes will price on Dec. 15 and settle on Dec. 18.

The Cusip number is 78013C393.

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