By Wendy Van Sickle
Columbus, Ohio, Dec. 22 – Royal Bank of Canada priced $1.75 million of autocallable contingent coupon barrier notes due Dec. 23, 2021 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 10.6% if the fund closes at or above the 60% trigger level price on the observation date for that quarter.
The notes will be called at par if the fund closes at or above its initial price on any observation date beginning June 20, 2017.
The payout at maturity will be par unless the fund finishes below the trigger level, in which case investors will be fully exposed to any losses.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
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| Issue: | Autocallable contingent coupon barrier notes
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| Underlying ETF: | SPDR S&P Biotech ETF
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| Amount: | $1.75 million
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| Maturity: | Dec. 23, 2021
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| Coupon: | 10.6%, payable quarterly if fund closes at or above trigger level on observation date for that quarter
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| Price: | Par
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| Payout at maturity: | Par unless fund finishes below trigger level, in which case full exposure to any losses
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| Call: | At par if fund closes at or above initial price on any observation date beginning June 20, 2017
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| Initial level: | $61.73
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| Trigger level: | $37.04, 60% of initial level
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| Pricing date: | Dec. 20
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| Settlement date: | Dec. 23
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| Agents: | RBC Capital Markets, LLC
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| Fees: | 2.75%
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| Cusip: | 78012KXV4
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