By Susanna Moon
Chicago, Oct. 31 – Royal Bank of Canada priced $5.23 million of trigger phoenix autocallable notes due Oct. 31, 2019 linked to the worst performing of the S&P 500 index and the Euro Stoxx 50 index, 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% of each index closes at or above its barrier level, 63.35% of its initial level, on an observation date for that quarter.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on any quarterly observation date after one year.
If the notes are not called and each index finishes at or above its 63.35% barrier level, the payout at maturity will be par plus the contingent coupon.
Otherwise, investors will be fully exposed to any losses.
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 indexes: | S&P 500 index and Euro Stoxx 50 index
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| Amount: | $5,226,930
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| Maturity: | Oct. 31, 2019
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| Coupon: | 6% annualized for each quarter that each index closes at or above coupon barrier level on quarterly observation date
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| Price: | Par
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| Payout at maturity: | If each index finishes at or above barrier level, par; otherwise, full exposure to losses of worst performing index
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| Call: | At par if each index closes at or above initial level on any quarterly observation date after one year
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| Initial levels: | 1,985.05 for S&P and 3,036.15 for Euro Stoxx
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| Barrier levels: | 1,257.53 for S&P and 1,923.40 for Euro Stoxx; 63.35% of initial levels
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| Pricing date: | Oct. 28
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| Settlement date: | Oct. 31
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 2.5%
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| Cusip: | 78011Y488
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