RBC plans trigger phoenix autocallables on Goldman Sachs, JPMorgan

By Jennifer Chiou

New York, Dec. 8 – Royal Bank of Canada plans to price trigger phoenix autocallable notes due Dec. 15, 2017 linked to the worst performing of the stocks of Goldman Sachs Group, Inc. and JPMorgan Chase & Co., according to an FWP with the Securities and Exchange Commission.

If each stock closes at or above its barrier price, 75% of its initial price, on a quarterly observation date, the issuer will pay a contingent coupon for that quarter at the annual rate of 8% to 8.2%.

If each stock closes at or above its initial price on any quarterly observation date, the notes will be called at par plus the contingent coupon.

If the notes are not called, the payout at maturity will be par plus the contingent coupon unless the final price of either stock is less than its barrier price, in which case investors will receive a number of shares of the worst-performing stock equal to $1,000 divided by its initial price.

The notes (Cusip: 78010U6W2) will price on Dec. 12 and settle on Dec. 17.

RBC Capital Markets, LLC is the underwriter.

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