Published on 12/9/2014 in the Prospect News Structured Products Daily.
New Issue: RBC prices $527,000 trigger phoenix callables linked to three indexes
By Susanna Moon
Chicago, Dec. 9 – Royal Bank of Canada priced $527,000 of trigger phoenix callable notes due Dec. 10, 2020 linked to the worst performing of the S&P 500 index, the Euro Stoxx 50 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 6% if each index closes at or above its coupon barrier level, 70% of its initial level, on an observation date for that quarter.
The notes are callable at par plus the contingent coupon on any quarterly observation date.
The payout at maturity will be par plus the contingent coupon unless any index finishes below its 58% trigger level, in which case investors will fully exposed to any losses of the worst performing index.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
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| Issue: | Trigger phoenix callable notes
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| Underlying indexes: | S&P 500 index, Euro Stoxx 50 and Russell 2000
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| Amount: | $527,000
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| Maturity: | Dec. 10, 2020
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| Coupon: | 6% annualized for each quarter that each index closes at or above barrier level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above barrier level, par plus contingent coupon; otherwise, full exposure to any losses of worst performing index
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| Call option: | At par plus contingent coupon on any quarterly observation date
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| Initial index levels: | 2,075.37 for S&P, 3,277.38 for Euro Stoxx, 1,182.43 for Russell
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| Coupon barriers: | 1,452.76 for S&P, 2,294.17 for Euro Stoxx, 827.70 for Russell; 70% of initial levels
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| Trigger levels: | 1,203.71 for S&P, 1,900.88 for Euro Stoxx, 685.81 for Russell; 58% of initial levels
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| Pricing date: | Dec. 5
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| Settlement date: | Dec. 10
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| Underwriter: | RBC Capital Markets, LLC
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| Fees: | 0.25%
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| Cusip: | 78010U6C6
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