By Susanna Moon
Chicago, June 3 – Royal Bank of Canada priced $2.27 million of trigger phoenix autocallable notes due June 1, 2018 linked to Apple Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annual rate of 8.22% if the stock closes at or above the coupon barrier level, 80% of the initial share price, on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if the stock closes at or above the initial price on any quarterly observation date.
The payout at maturity will be par plus the contingent coupon unless the stock finishes below the 75% trigger level, in which case investors will be fully exposed to any losses.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Trigger phoenix autocallable notes
|
| Underlying stock: | Apple Inc. (Nasdaq: AAPL)
|
| Amount: | $2,265,000
|
| Maturity: | June 1, 2018
|
| Coupon: | 8.22%, payable quarterly if stock closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par of $10.00
|
| Payout at maturity: | Par plus contingent coupon if stock finishes at or above trigger level; otherwise, full exposure any losses
|
| Call: | At par plus contingent coupon if stock closes at or above initial price on a quarterly observation date
|
| Initial share price: | $100.41
|
| Coupon barrier: | $80.33, 80% of initial price
|
| Trigger level: | $75.31, 75% of initial price
|
| Pricing date: | May 26
|
| Settlement date: | May 31
|
| Underwriter: | RBC Capital Markets, LLC
|
| Fees: | 2.25%
|
| Cusip: | 78013GBA2
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
