Published on 6/20/2016 in the Prospect News Structured Products Daily.
New Issue: RBC prices $16.6 million trigger callable contingent yield notes tied to two indexes
By Susanna Moon
Chicago, June 20 – Royal Bank of Canada priced $16.6 million of trigger callable contingent yield notes due June 21, 2019 linked to the lesser performing of the Russell 2000 index and the S&P 500 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 8.15% if each index closes at or above its coupon barrier level, 70% of its initial level, on each day during the quarterly observation period.
The notes will be callable at par on any coupon payment date after six months.
The payout at maturity will be par unless either index finishes below its 70% barrier level, in which case investors will be fully exposed to any losses of the worst performing index.
UBS Financial Services Inc. and RBC Capital Markets, LLC are the agents.
| Issuer: | Royal Bank of Canada
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| Issue: | Trigger callable contingent yield notes with daily coupon observation
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| Underlying indexes: | Russell 2000 index and S&P 500 index
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| Amount: | $16,603,620
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| Maturity: | June 21, 2019
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| Coupon: | 8.15% per year, payable quarterly if each index closes at or above its barrier level each day for that quarter
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| Price: | Par of $10
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| Payout at maturity: | Par unless either index finishes below trigger level, in which case full exposure to any losses of worst performing index
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| Call option: | At par on any quarterly call date after six months
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| Initial levels: | 1,148.191 for Russell, 2,077.99 for S&P
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| Barrier levels: | 803.734 for Russell, 1,454.59 for S&P; 70% of initial levels
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| Pricing date: | June 16
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| Settlement date: | June 21
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| Agents: | UBS Financial Services Inc. and RBC Capital Markets, LLC
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| Fees: | 2%
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| Cusip: | 78014C327
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