By Susanna Moon
Chicago, Dec. 17 – Royal Bank of Canada priced $3.18 million of contingent income autocallable securities due June 16, 2016 linked to Under Armour, Inc. shares, according to a 424B2 filed with the Securities and Exchange Commission.
The notes will pay a contingent monthly coupon of at an annual rate of 14.75% if the stock closes at or above its coupon barrier level, 80% of its initial level, on the observation date for that month.
The notes will be called at par if the stock closes at or above its initial level on any of the first five determination dates.
The payout at maturity will be par unless the stock finishes below its 80% trigger level, in which case investors will be fully exposed to any losses.
RBC Capital Markets, LLC is the agent with Morgan Stanley Wealth Management handling distribution.
| Issuer: | Royal Bank of Canada
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| Issue: | Contingent income autocallable securities
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| Underlying stock: | Under Armour, Inc. (Symbol: UA)
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| Amount: | $3,175,870
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| Maturity: | June 16, 2016
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| Coupon: | 14.75% annualized, payable monthly if stock closes at or above coupon barrier level on observation date for that month
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| Price: | Par of $10
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| Payout at maturity: | Par unless stock finishes below barrier level, in which case full exposure to any losses
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| Call: | At par if stock closes at or above its initial level on any of first five review dates
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| Initial level: | $82.56
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| Barrier level: | $66.05, 80% of initial level
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| Pricing date: | Dec. 11
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| Settlement date: | Dec. 16
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| Agent: | RBC Capital Markets, LLC with Morgan Stanley Wealth Management handling distribution
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| Fees: | 0.75%
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| Cusip: | 78013C351
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