By Wendy Van Sickle
Columbus, Ohio, Feb. 16 – Royal Bank of Canada priced $3.41 million of autocallable contingent coupon barrier notes due Aug. 17, 2017 linked to the lesser performing of the common stocks of Celgene Corp. and Qualcomm Inc., according to a 424B2 filing with the Securities and Exchange Commission.
If each stock closes at or above its barrier price, 80% 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 13.8%.
The notes will be called at par plus the contingent coupon if each stock closes at or above its initial price on a quarterly observation date.
If the notes are not called, the payout at maturity will be par plus the contingent coupon unless the final share price of the lesser-performing stock is less than its 80% trigger price, in which case investors will lose 1% for every 1% that the lesser-performing stock finishes below its initial share price.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
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| Issue: | Autocallable contingent coupon barrier notes
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| Underlying stocks: | Celgene Corp. and Qualcomm Inc.
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| Amount: | $3.41 million
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| Maturity: | Aug. 17, 2017
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| Coupon: | If each stock closes at or above its barrier price on a quarterly observation date, the issuer will pay a contingent coupon for that quarter at the annual rate of 13.8%
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| Price: | Par
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| Payout at maturity: | Par plus the contingent coupon unless the final share price of the lesser-performing stock is less than its trigger price, in which case investors will lose 1% for every 1% that the lesser-performing stock finishes below its initial share price
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| Call: | At par plus the contingent coupon if each stock closes at or above its initial price on a quarterly observation date
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| Initial share prices: | $117.02 for Celgene and $55.48 for Qualcomm
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| Barrier/trigger prices: | $93.62 for Celgene and $44.38 for Qualcomm; 80% of initial share prices
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| Pricing date: | Feb. 14
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| Settlement date: | Feb. 17
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| Underwriter: | RBC Capital Markets, LLC
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| Fees: | 1.75%
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| Cusip: | 78013GCM5
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