By Angela McDaniels
Tacoma, Wash., Dec. 6 – Royal Bank of Canada priced $363,000 of direct investment notes due Dec. 8, 2017 linked to the November 2016 RBC Capital Markets U.S. Equity Top Picks List, according to a 424B2 filing with the Securities and Exchange Commission.
The equally weighted list is composed of Air Lease Corp., Amphenol Corp., Aramark, Broadcom Ltd., Brookdale Senior Living Inc., Brookfield Asset Management Inc. Discover Financial Services, Dollar Tree, Inc., Dow Chemical Co., Interpublic Group of Cos., Inc., Louisiana-Pacific Corp., Marathon Petroleum Corp., Microsemi Corp., Newell Brands Inc., PNC Financial Services Group. Inc., Regency Centers Corp., ServiceNow, Inc., Seritage Growth Properties, Voya Financial, Inc., and Whirlpool Corp.
A top pick represents an RBC analyst’s best idea in the sector, which is expected to provide significant absolute total return over 12 months with a favorable risk/reward ratio.
Interest is payable quarterly. The amount of each interest payment, if any, will depend on the amount of dividends paid on each basket stock during the preceding quarter and will equal, for each $1,000 principal amount, 97.75% of the sum of the dividend amounts for each of the basket stocks.
For each $1,000 principal amount of notes, the payout at maturity will be the product of $977.50 and the percentage amount.
The percentage amount will equal an amount, expressed as a percentage, equal to (a) 100% plus (b) the sum of the weighted returns for the basket stocks.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Direct investment notes
|
| Underlier: | November 2016 RBC Capital Markets U.S. Equity Top Picks List
|
| Amount: | $363,000
|
| Maturity: | Dec. 8, 2017
|
| Coupon: | 97.75% of sum of dividend amounts for each basket stock; payable quarterly but could be zero
|
| Price: | Par
|
| Payout at maturity: | For each $1,000 principal amount of notes, product of $977.50 and percentage amount, which equals quotient of final basket level minus initial basket level divided by initial basket level
|
| Pricing date: | Nov. 28
|
| Settlement date: | Nov. 30
|
| Underwriter: | RBC Capital Markets, LLC
|
| Fees: | 1.5%
|
| Cusip: | 78012KVJ3
|
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