By Jennifer Chiou
New York, Sept. 29 – Royal Bank of Canada priced $3,342,000 of trigger phoenix autocallable notes due Sept. 28, 2017 linked to Yahoo! Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 8.1% if Yahoo! stock closes at or above the coupon barrier, 70% of the initial share price, on an observation date for that quarter.
The notes will be called at par plus the contingent coupon if the shares close at or above the initial price on any quarterly observation date.
If the notes are not called and Yahoo! shares finish at or above the trigger price, 70% of the initial share price, the payout at maturity will be par plus the contingent coupon.
Otherwise, investors will be exposed to any losses.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Trigger phoenix autocallable notes
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| Underlying stock: | Yahoo! Inc. (Symbol: YHOO)
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| Amount: | $3,342,000
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| Maturity: | Sept. 28, 2017
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| Coupon: | 8.1% annualized per quarter if stock closes at or above coupon barrier on observation date for that quarter
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon if Yahoo! shares finish at or above trigger price; otherwise, par plus stock return
|
| Call: | At par plus contingent coupon if Yahoo! shares close at or above initial price on any quarterly observation date
|
| Initial share price: | $38.95
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| Barrier level: | $27.27, 70% of initial share price
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| Pricing date: | Sept. 25
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| Settlement date: | Sept. 30
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| Underwriter: | RBC Capital Markets, LLC
|
| Fees: | 2%
|
| Cusip: | 78010U3F2
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