Published on 2/3/2016 in the Prospect News Structured Products Daily.
New Issue: RBC prices $1.35 million trigger phoenix autocallables on Apple, Disney
By Marisa Wong
Morgantown, W.Va., Feb. 3 – Royal Bank of Canada priced $1.35 million of trigger phoenix autocallable notes due Aug. 2, 2016 linked to the lesser performing of the common stocks of Apple Inc. and Walt Disney Co., according to a 424B2 filing with the Securities and Exchange Commission.
Each quarter, the notes will pay a contingent quarterly coupon at the rate of 13.56% per year if each stock closes at or above its trigger level, 80% of its initial price, on the observation date for that quarter.
The notes will be called at par if each stock closes at or above its initial price on any quarterly observation date.
If the notes are not called and each stock finishes at or above its trigger level, the payout at maturity will be par plus the final contingent coupon. Otherwise, investors will receive a number of shares of the worst-performing stock equal to $1,000 divided by its initial price or, at the issuer’s option, the cash value of those shares.
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 stocks: | Apple Inc. (Symbol: AAPL), Walt Disney Co. (Symbol: DIS)
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| Amount: | $1.35 million
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| Maturity: | Aug. 2, 2016
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| Coupon: | 13.56% per year, payable quarterly if each stock 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: | If each stock finishes at or above trigger level, par plus coupon; otherwise, number of shares of worst-performing stock equal to $1,000 divided by initial price or, at issuer’s option, cash value of those shares
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| Call: | At par plus contingent coupon if each stock closes at or above initial level on any quarterly observation date
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| Initial share prices: | $94.09 for Apple, $93.53 for Disney
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| Trigger prices: | $75.27 for Apple, $74.82 for Disney, 80% of initial share prices
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| Pricing date: | Jan. 28
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| Settlement date: | Feb. 2
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 1.75%
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| Cusip: | 78013GAP0
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