By Susanna Moon
Chicago, Dec. 8 – Royal Bank of Canada priced $3 million of 8.25% autocallable reverse convertible notes due June 8, 2016 linked to the worst performing of Citigroup Inc., JPMorgan Chase & Co. and SPDR S&P Homebuilders exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par plus accrued interest if each component closes at or above its initial price on any quarterly call date.
The payout at maturity will be par in cash unless the price of any component falls below its barrier price, 70% of its initial price, in which case the payout will be a number of shares of the worst performing component equal to $1,000 divided by the initial price.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
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| Issue: | Autocallable reverse convertible notes
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| Underlying: | Citigroup Inc. (NYSE: C), JPMorgan Chase & Co. (NYSE: JPM) and SPDR S&P Homebuilders ETF
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| Amount: | $3 million
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| Maturity: | June 8, 2016
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| Coupon: | 8.25%, payable monthly
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| Price: | Par
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| Payout at maturity: | Par in cash unless any 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
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| Call: | At par plus accrued interest on any quarterly call date if each stock closes at or above initial price
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| Barrier levels: | 70% of initial levels
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| Pricing date: | Dec. 3
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| Settlement date: | Dec. 8
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 0.5%
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| Cusip: | 78010U6Z5
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