By Susanna Moon
Chicago, Sept. 17 - Royal Bank of Canada priced $457,000 of contingent income autocallable securities due Sept. 16, 2016 linked to the worst performing of the common stocks of Google Inc. and Nike Inc., according to a 424B2 with the Securities and Exchange Commission.
If each stock closes at or above its barrier level, 70% of its initial level, on a quarterly determination date, the notes will pay a contingent coupon of 2.5% for that quarter.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial level on any of the first 11 determination dates.
If the final level of each stock is greater than or equal to its barrier level, the payout at maturity will be par plus the final contingent coupon.
Otherwise, investors will be fully exposed to any losses of the worst performing stock.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
|
| Issue: | Contingent income autocallable securities
|
| Underlying stocks: | Google Inc. (Symbol: GOOG) and Nike Inc. (Symbol: NKE)
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| Amount: | $457,000
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| Maturity: | Sept. 16, 2016
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| Coupon: | 2.5% per quarter if each stock closes at or above its coupon barrier level on the determination date for that quarter
|
| Price: | Par of $10
|
| Payout at maturity: | If each stock finishes at or above its downside threshold level, par plus the final contingent coupon; otherwise, exchange ratio of worst performing stock
|
| Call: | At par plus the contingent coupon if each stock closes at or above its initial level on any of the first 11 determination dates
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| Initial levels: | $888.24 for Google and $67.91 for Nike
|
| Coupon barrier levels: | $621.77 for Google and $47.54 for Nike; 70% of initial levels
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| Exchange ratios: | 0.0113 for Google and 0.1473 for Nike
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| Pricing date: | Sept. 13
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| Settlement date: | Sept. 18
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 2.25%
|
| Cusip: | 78009Q364
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