New Issue: RBC sells $14.98 million 6.5% airbag autocallables tied to Bank of America

By Wendy Van Sickle

Columbus, Ohio, March 28 – Royal Bank of Canada priced $14.98 million of 6.5% airbag autocallable yield notes due April 2, 2018 linked to the common stock of Bank of America Corp., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The notes will be automatically called at par if the shares close at or above the initial share price on any quarterly observation date.

The payout at maturity will be par unless the final share price is less than the 88% conversion price, in which case the payout will be 49.14 Bank of America shares per $1,000 note.

UBS Financial Services Inc. and RBC Capital Markets, LLC are the agents.

Issuer:	Royal Bank of Canada
Issue:	Airbag autocallable yield notes
Underlying stock:	Bank of America Corp.
Amount:	$14,982,000
Maturity:	April 2, 2018
Coupon:	6.5%, payable monthly
Price:	Par
Payout at maturity:	Par unless final share price is less than conversion price, in which case 49.14 Bank of America shares per $1,000 note
Call:	Automatically at par if shares close at or above initial share price on any quarterly observation date
Initial share price:	$23.12
Conversion price:	$20.35, 88% of initial share price
Pricing date:	March 24
Settlement date:	March 29
Agents:	UBS Financial Services Inc. and RBC Capital Markets, LLC
Fees:	1.5%
Cusip:	78014E554

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