RBC to price phoenix autocallable notes linked to Biogen Idec

By Jennifer Chiou

New York, July 16 – Royal Bank of Canada plans to price phoenix autocallable notes due Aug. 5, 2015 linked to the common stock of Biogen Idec Inc., according to an FWP with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 12.65% if Weatherford stock closes at or above the barrier level, 75% of the initial share price, on the observation date for that quarter.

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

If the notes are not called and Weatherford shares finish at or above the barrier level, the payout at maturity will be par plus the contingent coupon.

Otherwise, investors will be fully exposed to any losses.

The notes (Cusip: 78010UN94) will price on July 18 and settle on July 23.

RBC Capital Markets, LLC is the underwriter with J.P. Morgan Securities LLC as the placement agent.

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