New Issue: RBC prices $1.67 million trigger phoenix autocallables on three stocks

By Toni Weeks

San Luis Obispo, Calif., June 24 – Royal Bank of Canada priced $1.67 million of trigger phoenix autocallable notes due June 24, 2015 linked to the least-performing of Bristol-Myers Squibb Co., Google Inc. and Goldman Sachs Group, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.

If the closing price of each underlying stock closes at or above its coupon barrier price – 80% of the initial price – on a quarterly observation date, the issuer will pay a contingent coupon for that quarter at a rate of 10.6% per year. Otherwise, no coupon will be paid that quarter.

If each stock closes at or above its initial price on any quarterly observation date, the notes will be called at par plus the contingent coupon.

If the notes are not called and each stock finishes at or above the 80% coupon barrier level, the payout at maturity will be par plus the contingent coupon. If each stock finishes below its coupon barrier level but at or above its trigger level, 75% of the initial level, the payout will be par. Otherwise, investors will receive a number of shares of the worst-performing stock equal to $1,000 divided by the initial price of that stock or, at the issuer’s option, the cash value of those shares.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Trigger phoenix autocallable notes
Underlying stocks:	Bristol-Myers Squibb Co. (Symbol: BMY), Google Inc. (Symbol: GOOGL) and Goldman Sachs Group, Inc. (Symbol: GS)
Amount:	$1,665,000
Maturity:	June 24, 2015
Coupon:	10.6%, payable quarterly if each stock closes at or above coupon barrier price on observation date for that quarter
Price:	Par
Payout at maturity:	Par plus contingent coupon if each stock finishes at or above 80% coupon barrier; par if each stock finishes below coupon barrier but at or above 75% trigger price; otherwise, number of shares of the worst-performing stock equal to $1,000 divided by that stock’s initial price or, at issuer’s option, cash value of those shares
Call:	Automatically at par plus contingent coupon if each stock closes at or above its initial price on any quarterly observation date
Initial share prices:	$47.84 for Bristol-Myers, $564.99 for Google, $169.73 for Goldman Sachs
Coupon barriers:	$38.27 for Bristol-Myers, $451.99 for Google, $135.78 for Goldman Sachs, 80% of initial prices
Trigger prices:	$35.88 for Bristol-Myers, $423.74 for Google, $127.30 for Goldman Sachs, 75% of initial prices
Pricing date:	June 19
Settlement date:	June 24
Agent:	RBC Capital Markets, LLC
Fees:	1.5%
Cusip:	78010UG43

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