RBC to price phoenix autocallable notes linked to Gilead Sciences

By Jennifer Chiou

New York, Jan. 8 – Royal Bank of Canada plans to price phoenix autocallable notes due Jan. 27, 2016 linked to Gilead Sciences, Inc. shares, according to an FWP with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 16.3% if the stock closes at or above the coupon barrier, 75% of the initial share price, on the observation date for that quarter.

The notes will be called at par if Gilead Sciences shares close at or above the initial share price on any quarterly observation date beginning on April 23, 2015.

The payout at maturity will be par unless the stock finishes below the 75% trigger level, in which case investors will be fully exposed to any losses.

The final stock price will be the average of the closing prices on the five trading days ending Jan. 22, 2016.

The notes (Cusip: 78012KAN7) will price on Jan. 9 and settle on Jan. 14.

RBC Capital Markets, LLC is the underwriter with JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC as placement agents.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.