By Susanna Moon
Chicago, July 22 – Royal Bank of Canada priced $2.43 million of autocallable contingent coupon barrier notes due Jan. 24, 2017 linked to the lesser performing of the common stocks of Chevron Corp. and Valero Energy Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10.4% if each stock closes at or above its 80% barrier level on an observation date for that quarter.
The notes will be called at par if each stock closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par unless either stock finishes below the 80% barrier level, in which case investors will be fully exposed to any losses of the worse performing stock.
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: | Chevron Corp. (Symbol: CVX) and Valero Energy Corp. (Symbol: VLO)
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| Amount: | $2.43 million
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| Maturity: | Jan. 24, 2017
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| Coupon: | 14.2%, payable quarterly if stock finishes above barrier level on observation date for that quarter
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| Price: | Par of $1,000
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| Payout at maturity: | Par unless either stock finishes below barrier, in which case full exposure to loss of worst performing stock
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| Call: | At par if each stock closes at or above initial level on any quarterly observation date
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| Initial levels: | $106.04 for Chevron and $50.85 for Valero
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| Barrier levels: | $84.83 for Chevron and $40.68 for Valero; 80% of initial levels
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| Pricing date: | July 19
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| Settlement date: | July 22
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| Underwriter: | RBC Capital Markets, LLC
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| Fees: | 1.75%
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| Cusip: | 78013GBF1
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