By Susanna Moon
Chicago, June 10 – Royal Bank of Canada priced $1.06 million of contingent income autocallable securities due June 9, 2016 linked to Las Vegas Sands Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.6% if the shares close at or above the 75% barrier level on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if the stock closes at or above the initial price on any of the first three determination dates.
The payout at maturity will be par plus the final coupon unless the shares finish below the 75% barrier level, in which case investors will receive a number of Las Vegas Sands shares equal to $10 divided by the initial price or, at the issuer’s option, the cash equivalent.
RBC Capital Markets, LLC is the agent with Morgan Stanley Wealth Management handling distribution.
| Issuer: | Royal Bank of Canada
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| Issue: | Contingent income auto-callable securities
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| Underlying stock: | Las Vegas Sands Corp. (Symbol: LVS)
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| Amount: | $1,058,500
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| Maturity: | June 9, 2016
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| Coupon: | 9.6% annualized for each quarter that stock closes at or above barrier level on determination date for that quarter
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| Price: | Par of $10
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| Payout at maturity: | Par plus contingent coupon if stock finishes at or above barrier level; otherwise, 0.1818 Las Vegas Sands shares
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| Call: | At par plus contingent payment if stock closes at or above initial share price on any of first three determination dates
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| Initial level: | $55.00
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| Barrier level: | $41.25, 75% of initial level
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| Pricing date: | June 5
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| Settlement date: | June 10
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| Agent: | RBC Capital Markets, LLC with Morgan Stanley Wealth Management as dealer
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| Fees: | 1.25%
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| Cusip: | 78013D193
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