By Wendy Van Sickle
Columbus, Ohio, May 25 – Royal Bank of Canada priced $1.7 million of trigger phoenix autocallable notes due May 29, 2019 linked to the SPDR S&P Biotech exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 11% if the fund closes at or above the barrier level, 60% of the initial level, on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if the fund closes at or above the initial price on any quarterly observation date beginning May 23, 2017.
The notes will pay a contingent quarterly coupon at an annual rate of 11% if the fund closes at or above the barrier level, 60% of the initial level, on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if the fund closes at or above the initial price on any quarterly observation date beginning May 23, 2017.
The payout at maturity will be par plus the contingent coupon unless the fund finishes below the 60% trigger level, in which case investors will be fully exposed to the decline.
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 ETF: | SPDR S&P Biotech
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| Amount: | $1.7 million
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| Maturity: | May 29, 2019
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| Coupon: | 11%, payable quarterly if ETF closes at or above trigger price on observation date for that quarter
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| Price: | Par of $10.00
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| Payout at maturity: | Par plus contingent coupon if fund finishes at or above trigger price; otherwise, full exposure to fund decline
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| Call: | Automatically at par plus contingent coupon if fund closes at or above initial price on a quarterly observation date after one year
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| Initial share price: | $54.86
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| Trigger price: | $32.92, 60% of initial price
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| Pricing date: | May 23
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| Settlement date: | May 26
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| Underwriter: | RBC Capital Markets, LLC
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| Fees: | 2.25%
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| Cusip: | 78012KPJ0
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