New Issue: RBC prices $2 million 13% callable reverse convertibles on Twitter

New York, Nov. 26 – Royal Bank of Canada priced $2 million of 13% issuer callable reverse convertible notes due Dec. 2, 2015 linked to Twitter, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par in cash unless Twitter shares close below the barrier price, 55% of the initial price, during the life of the notes and finish below the initial price, in which case the payout will be a number of Twitter shares equal to $1,000 principal amount divided by the initial price or, at the issuer’s option, the cash value of those shares.

The notes will be callable monthly at par starting on May 26, 2015

RBC Capital Markets Corp. is the agent.

Issuer:	Royal Bank of Canada
Issue:	Issuer callable reverse convertible notes
Underlying stock:	Twitter, Inc. (Symbol: TWTR)
Amount:	$2 million
Maturity:	Dec. 2, 2015
Coupon:	13%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Twitter shares ever close below barrier price and finish below initial price, in which case Twitter shares equal to $1,000 principal amount divided by the initial price or, at issuer’s option, cash value of those shares
Initial price:	$40.19
Barrier price:	$22.10, 55% of initial price
Call:	At par on May 26, 2015, June 24, 2015, July 24, 2015, Aug. 24, 2015, Sept. 24, 2015, Oct. 26, 2015
Pricing date:	Nov. 24
Settlement date:	Dec. 2
Agent:	RBC Capital Markets Corp.
Fees:	None
Cusip:	78010UH67

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