Published on 5/30/2014 in the Prospect News Structured Products Daily.
New Issue: RBC prices $3.75 million trigger phoenix autocallable notes linked to three indexes
By Marisa Wong
Madison, Wis., May 30 - Royal Bank of Canada priced $3.75 million of trigger phoenix callable optimization securities due May 30, 2019 linked to the S&P 500 index, the Russell 2000 index and the Euro Stoxx 50 index, according to an FWP filing with the Securities and Exchange Commission.
If each component closes at or above its barrier level, 77% of its initial level, on a quarterly observation date, the notes will pay a contingent coupon at an annual rate of 8.6%.
The notes will be called at par plus the coupon if any component closes at or above its initial level on any quarterly observation date.
The payout at maturity will be par plus the coupon unless any component finishes below its 77% barrier level, in which case investors will be fully exposed to any losses of the worst performing component.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
|
| Issue: | Trigger phoenix autocallable notes
|
| Underlying indexes: | S&P 500, Russell 2000, Euro Stoxx 50
|
| Amount: | $3,752,000
|
| Maturity: | May 30, 2019
|
| Coupon: | 8.6% per year, payable quarterly if each component closes at or above its barrier level on a quarterly observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus the coupon unless any component finishes below its barrier level, in which case investors will be fully exposed to any losses of the worst performing component
|
| Call: | At par plus the coupon if any component closes at or above its initial level on any quarterly observation date
|
| Initial levels: | 1,909.78 for S&P, 1,136.68 for Russell, 3,246.24 for Euro Stoxx
|
| Barrier levels: | 1,470.53 for S&P, 875.24 for Russell, 2,499.60 for Euro Stoxx; 77% of initial levels
|
| Pricing date: | May 28
|
| Settlement date: | May 30
|
| Agent: | RBC Capital Markets, LLC
|
| Fees: | 1.5%
|
| Cusip: | 78010UZR1
|
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