By Susanna Moon
Chicago, June 7 – Royal Bank of Canada priced $6.86 million of trigger autocallable contingent yield notes due June 1, 2020 linked to the lesser performing of the iShares MSCI EAFE exchange-traded fund and the iShares MSCI Emerging Markets ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 6.55% if each fund closes at or above its 70% coupon barrier on the observation date for that quarter.
The notes will be called at par if each fund closes at or above its initial level on any quarterly observation date after six months.
The payout at maturity will be par plus the contingent coupon, unless either fund finishes below the 70% downside threshold, in which case investors will lose 1% for each 1% decline of the worse performing fund.
UBS Financial Services Inc. and RBC Capital Markets, LLC are the agents.
| Issuer: | Royal Bank of Canada
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| Issue: | Trigger autocallable contingent yield notes
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| Underlying funds: | iShares MSCI EAFE ETF and the iShares MSCI Emerging Markets ETF
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| Amount: | $6,863,210
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| Maturity: | June 1, 2020
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| Coupon: | 6.55%, payable quarterly if each fund closes at or above 70% coupon barrier on observation date
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| Price: | Par of $10
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| Call: | At par plus contingent coupon if each fund closes at or above initial level on any quarterly observation date after six months
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| Payout at maturity: | Par unless either fund finishes below 70% downside threshold, in which case 1% loss for each 1% decline of worse performing fund
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| Initial levels: | $66.05 for EAFE fund, $41.74 for EM fund
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| Thresholds: | $46.24 for EAFE fund, $29.22 for EM fund, 70% of initial levels
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| Pricing date: | May 26
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| Settlement date: | May 31
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| Agents: | UBS Financial Services Inc. and RBC Capital Markets, LLC
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| Fees: | 2%
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| Cusip: | 78014E729
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