By Jennifer Chiou
New York, May 28 - Royal Bank of Canada priced $10,950,050 of contingent income autocallable securities due May 26, 2017 linked to Wynn Resorts, Ltd. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent payment of 3% for each quarter that Wynn Resorts stock closes at or above the barrier level, 75% of the initial share price, on the determination date for that quarter.
The notes will be redeemed at par plus the contingent payment if the stock closes at or above the initial level on any quarterly determination date other than the final one.
If the notes are not called and the stock finishes at or above the barrier level, the payout at maturity will be par plus the contingent payment.
Otherwise, the payout will be a number of Wynn Resorts shares equal to $10 divided by the initial share price or, at the issuer's option, the cash equivalent.
RBC Capital Markets, LLC is the agent with Morgan Stanley Wealth Management as distributor.
| Issuer: | Royal Bank of Canada
|
| Issue: | Contingent income autocallable securities
|
| Underlying stock: | Wynn Resorts, Ltd. (Symbol: WYNN)
|
| Amount: | $10,950,050
|
| Maturity: | May 26, 2017
|
| Contingent coupon: | 3% per quarter, payable if Wynn Resorts stock closes at or above barrier level on determination date for that quarter
|
| Price: | Par of $10.00
|
| Payout at maturity: | If stock finishes at or above barrier level, par plus contingent payment; otherwise, the payout will be a number of Wynn Resorts shares equal to $10 divided by initial share price
|
| Call: | At par plus contingent payment if stock closes at or above initial level on any quarterly determination date other than final one
|
| Initial share price: | $207.86
|
| Barrier level: | $155.90, 75% of initial share price
|
| Pricing date: | May 23
|
| Settlement date: | May 29
|
| Agent: | RBC Capital Markets, LLC with Morgan Stanley Wealth Management
|
| Fees: | 2.25%
|
| Cusip: | 78011Q428
|
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