New Issue: RBC prices $2.65 million trigger phoenix notes with memory coupon linked to Las Vegas Sands

By Angela McDaniels

Tacoma, Wash., May 28 - Royal Bank of Canada priced $2.65 million of trigger phoenix autocallable notes with memory coupon due May 26, 2017 linked to the common stock of Las Vegas Sands Corp., according to a 424B2 filing with the Securities and Exchange Commission.

If Las Vegas Sands stock closes at or above the barrier price, 70% of the initial share price, on a quarterly observation date, the issuer will pay a contingent coupon for that quarter at the annual rate of 9.5% plus the memory coupon, which is the product of (a) the contingent coupon and (b) the number of contingent coupon payments, if any, that were not previously paid on their coupon payment dates because the stock price was less than the coupon barrier on the corresponding observation date.

If Las Vegas Sands shares close at or above the 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 Las Vegas Sands shares finish at or above the barrier price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will receive a number of Las Vegas Sands shares equal to $1,000 divided by the initial share price or, at the issuer's option, an amount in cash equal to the value of those shares.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Trigger phoenix autocallable notes with memory coupon
Underlying stock:	Las Vegas Sands Corp. (NYSE: LVS)
Amount:	$2,652,000
Maturity:	May 26, 2017
Coupon:	If Las Vegas Sands stock closes at or above barrier price on quarterly observation date, contingent coupon will be paid for that quarter at annual rate of 9.5% plus memory coupon
Memory coupon:	Product of (a) contingent coupon and (b) number of contingent coupon payments, if any, not previously paid because stock price was less than coupon barrier on corresponding observation date
Price:	Par
Payout at maturity:	If Las Vegas Sands shares finish at or above barrier price, par plus contingent coupon; otherwise, number of Las Vegas Sands shares equal to $1,000 divided by initial share price or, at issuer's option, amount in cash equal to value of those shares
Call:	Automatically at par plus contingent coupon if Las Vegas Sands shares close at or above initial price on any quarterly observation date
Initial share price:	$74.90
Barrier price:	$52.43, 70% of initial share price
Pricing date:	May 23
Settlement date:	May 29
Underwriter:	RBC Capital Markets, LLC
Fees:	2.25%
Cusip:	78010UYW1

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