By Wendy Van Sickle
Columbus, Ohio, June 15 – Royal Bank of Canada priced $1.2 million of autocallable contingent coupon barrier notes due June 13, 2019 linked to the common stocks of Bank of America Corp. and JPMorgan Chase & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8.75% if each stock closes at or above its 75% coupon barrier on the observation date for that quarter.
The notes will be automatically called at par if each stock closes at or above its initial price on any observation date.
The payout at maturity will be par unless either stock finishes below the 75% trigger level, in which case investors will receive shares of the worse performing stock reflecting the stock’s loss form its initial level.
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: | Bank of America Corp. and JPMorgan Chase & Co.
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| Amount: | $1.2 million
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| Maturity: | June 13, 2019
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| Coupon: | 8.75%, payable quarterly if each stock closes at or above 75% coupon barrier on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless either stock finishes below trigger level, in which case shares reflecting 1% loss for each 1% decline of worse performing stock
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| Call: | At par if each stock closes at or above initial price on any observation date
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| Initial levels: | $23.67 for BofA, $86.96 for JPMorgan
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| Trigger levels/coupon barriers: | $17.75 for BofA, $65.2296 for JPMorgan; 75% of initial levels
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| Pricing date: | June 9
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| Settlement date: | June 14
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| Agents: | RBC Capital Markets, LLC
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| Fees: | 1.75%
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| Cusip: | 78012KU39
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