By Toni Weeks
San Luis Obispo, Calif., March 5 - Royal Bank of Canada priced $3 million of 7.52% autocallable reverse convertible notes due Sept. 9, 2015 linked to the worst performing of two equity securities, Citigroup Inc. and JPMorgan Chase & Co., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable quarterly.
The notes will be automatically called at par if the closing price of each stock is equal to or greater than its initial price on any quarterly call date.
If the notes are not called, the payout at maturity will be par in cash unless the final price of either stock is below its barrier price, 70% of its initial price, in which case the payout will be a number of shares of the worst-performing stock equal to $1,000 principal amount divided by the initial price.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
|
| Issue: | Autocallable reverse convertible notes
|
| Underlying stocks: | Citigroup Inc. (Symbol: C) and JPMorgan Chase & Co. (Symbol: JPM)
|
| Amount: | $3 million
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| Maturity: | Sept. 9, 2015
|
| Coupon: | 7.52%, payable quarterly
|
| Price: | Par
|
| Payout at maturity: | Par in cash unless either stock finishes below barrier price, in which case number of shares of the worst-performing stock equal to $1,000 divided by the initial price
|
| Call: | At par if each stock closes at or above initial price on any quarterly call date
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| Initial prices: | $47.93 for Citi, $56.21 for JPMorgan
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| Barrier prices: | $33.55 for Citi, $39.35 for JPMorgan, 70% of initial prices
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| Pricing date: | March 3
|
| Settlement date: | March 6
|
| Agent: | RBC Capital Markets, LLC
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| Fees: | 0.4%
|
| Cusip: | 78010USJ7
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