By Angela McDaniels
Tacoma, Wash., June 26 – Royal Bank of Canada priced $115,000 of autocallable contingent coupon barrier notes due June 27, 2019 linked to the lesser performing of the common stocks of Citigroup, Inc. and Goldman Sachs Group, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes pay a contingent coupon at the rate of 8.95% per year if each stock closes at or above its trigger price, 70% of its initial price, on the observation date for that quarter.
Beginning Dec. 26, the notes will be called at par if each stock closes at or above its initial share price on any quarterly observation date.
The payout at maturity will be par unless either stock finishes below its trigger price, in which case investors will be exposed to the decline of the lesser-performing stock from its initial share price.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Autocallable contingent coupon barrier notes
|
| Underlying stocks: | Citigroup Inc. (Symbol: C) and Goldman Sachs Group, Inc. (Symbol: GS)
|
| Amount: | $115,000
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| Maturity: | June 27, 2019
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| Coupon: | 8.95% per year, payable quarterly if each stock closes at or above trigger price on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par unless either stock finishes below trigger price, in which case exposure to decline of lesser-performing stock from initial share price
|
| Call: | Beginning Dec. 26, at par if each stock closes at or above initial share price on any quarterly observation date
|
| Initial share prices: | $63.41 for Citigroup and $217.19 for Goldman Sachs
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| Trigger prices: | $44.39 for Citigroup and $152.03 for Goldman Sachs; 70% of initial prices
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| Pricing date: | June 23
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| Settlement date: | June 28
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| Underwriter: | RBC Capital Markets, LLC
|
| Fees: | 1.75%
|
| Cusip: | 78012KY68
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