By Wendy Van Sickle
Columbus, Ohio, March 13 – Royal Bank of Canada priced $3 million of 8.45% autocallable reverse convertible securities due June 14, 2018 linked to the lesser performing of the common stocks of Oracle Corp. and Amgen Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes will be automatically called at par if each stock closes at or above its initial share price on a quarterly call date.
The payout at maturity will be par unless either stock finishes below its 65% barrier price, in which case investors will receive a number of shares of the worse performing stock equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.
RBC Capital Markets, LLC is the agent.
Issuer: | Royal Bank of Canada
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Issue: | Autocallable reverse convertible securities
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Underlying stocks: | Oracle Corp. and Amgen Inc.
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Amount: | $3 million
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Maturity: | June 14, 2018
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Coupon: | 8.45%, payable quarterly
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Price: | Par
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Payout at maturity: | Par unless either stock finishes below barrier, in which case a number of shares of the lesser performing stock equal to $1,000 divided by the initial share price or cash equivalent
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Call: | At par if each stock closes at or above initial share price on a quarterly call date
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Initial prices: | $42.44 for Oracle, $178.92 for Amgen
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Barrier prices: | $27.59 for Oracle, $116.30 for Amgen, 65% of initial share prices
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Pricing date: | March 9
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Settlement date: | March 14
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Agent: | RBC Capital Markets, LLC
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Fees: | 0.5%
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Cusip: | 78012KD87
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