New Issue: RBC prices $2.64 million 8.5% airbag autocallables linked to Expedia

By Angela McDaniels

Tacoma, Wash., July 19 – Royal Bank of Canada priced $2.64 million of 8.5% airbag autocallable yield notes due July 21, 2017 linked to the common stock of Expedia, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The notes will be called automatically at par if Expedia shares close at or above the initial share price on any quarterly observation date.

The payout at maturity will be par unless the final share price is less than the conversion price, in which case the payout will be a number of Expedia shares equal to $1,000 divided by the conversion price. The conversion price is 85% of the initial share price.

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

Issuer:	Royal Bank of Canada
Issue:	Airbag autocallable yield notes
Underlying stock:	Expedia, Inc. (Symbol: EXPE)
Amount:	$2,636,000
Maturity:	July 21, 2017
Coupon:	8.5%, payable monthly
Price:	Par
Payout at maturity:	Par unless final share price is less than conversion price, in which case number of Expedia shares equal to $1,000 divided by conversion price
Call:	Automatically at par if Expedia shares close at or above initial share price on any quarterly observation date
Initial share price:	$114.62
Conversion price:	$97.43, 85% of initial share price
Pricing date:	July 15
Settlement date:	July 20
Agents:	UBS Financial Services Inc. and RBC Capital Markets, LLC
Fees:	1.5%
Cusip:	78014C434

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