Published on 6/17/2015 in the Prospect News Structured Products Daily.
New Issue: RBC prices $1 million trigger phoenix autocallables on three indexes
By Marisa Wong
Madison, Wis., June 17 – Royal Bank of Canada priced $1 million of trigger phoenix autocallable notes due June 20, 2018 linked to the worst performing of the S&P 500 index, the Euro Stoxx 50 index and the FTSE 100 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent semiannual coupon of 7.1% per year if each index closes at or above its coupon barrier level, 70% of its initial level, on any semiannual observation date.
Beginning one year after issuance, the notes will be called at par if each index closes at or above its initial level on any semiannual observation date.
If the notes are not called and each index finishes at or above its 70% trigger level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will be fully exposed to the decline of the worst-performing index.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
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| Issue: | Trigger phoenix autocallable notes
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| Underlying indexes: | S&P 500 index, Euro Stoxx 50 index and FTSE 100 index
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| Amount: | $1 million
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| Maturity: | June 20, 2018
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| Coupon: | Contingent semiannual coupon of 7.1% per year if each index closes at or above its coupon barrier level on any semiannual observation date
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above its trigger level, par plus the final contingent coupon; otherwise, investors will be fully exposed to the decline of the worst-performing index
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| Call: | At par if each index closes at or above its initial level on any semiannual observation date
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| Initial levels: | 2,084.43 for S&P, 3,438.07 for Euro Stoxx, 6,710.52 for FTSE
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| Barrier/trigger levels: | 1,459.10 for S&P, 2,406.65 for Euro Stoxx, 4,697.36 for FTSE; 70% of initial levels
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| Pricing date: | June 15
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| Settlement date: | June 18
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 1.25%
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| Cusip: | 78012KEY9
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