By Jennifer Chiou
New York, July 30 – Royal Bank of Canada priced $2,754,000 of trigger phoenix autocallable notes due July 28, 2017 linked to the worst performing of the stocks of Caterpillar Inc. and Deere & Co., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8.5% if each stock closes at or above its coupon barrier – 75% of the initial price – on an observation date for that quarter.
If each stock closes at or above its initial price on any quarterly observation date, the notes will be called at par plus the contingent coupon.
The payout at maturity will be par plus the contingent coupon unless either stock finishes below the 75% trigger level, in which case investors will be fully exposed to any losses of the worst-performing stock.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
|
| Issue: | Trigger phoenix autocallable notes
|
| Underlying stocks: | Caterpillar Inc. (Symbol: CAT) and Deere & Co. (Symbol: DE)
|
| Amount: | $2,754,000
|
| Maturity: | July 28, 2017
|
| Coupon: | 8.5%, payable quarterly if each stock closes at or above its coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon unless either stock finishes below the trigger level, in which case full exposure to any losses of the worst-performing stock
|
| Call: | Automatically at par plus contingent coupon if each stock closes at or above its initial price on any quarterly observation date
|
| Initial share prices: | $78.64 for Caterpillar; $64.63 for Deere
|
| Coupon barrier/trigger: | 75% of initial prices
|
| Pricing date: | July 25
|
| Settlement date: | July 30
|
| Agent: | RBC Capital Markets, LLC
|
| Fees: | 2%
|
| Cusip: | 78010UN86
|
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