Published on 12/23/2016 in the Prospect News Structured Products Daily.
New Issue: RBC prices $3 million digital plus barrier notes linked to Wynn Resorts
By Wendy Van Sickle
Columbus, Ohio, Dec. 23 – Royal Bank of Canada priced $3 million of 0% digital plus barrier notes due June 27, 2018 linked to the common stock of Wynn Resorts, Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
If the final share price is greater than 113% of the initial share price, the payout at maturity will be par plus the stock return, subject to a maximum return of 31.25%.
If the final share price is less than or equal to 115% of the initial share price but greater than the barrier level, 70% of the initial share price, the payout will be par plus 15%.
If the final share price is less than or equal to the barrier level, investors will receive a number of Wynn Resorts shares equal to $1,000 divided by the initial share price or, at the issuer’s option, an amount in cash equal to the value of those shares.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
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| Issue: | Digital plus barrier notes
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| Underlying stock: Wynn Resorts, Ltd. (Symbol: WYNN)
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| Amount: | $3 million
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| Maturity: | June 27, 2018
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | If final share price is greater than 115% of initial share price, par plus stock return, subject to 31.25% maximum return; if final share price is less than or equal to 115% of initial share price but greater than barrier level, par plus 13%; if final share price is less than or equal to barrier level, Wynn Resorts shares equal to $1,000 divided by the initial share price or, at issuer’s option, amount in cash equal to value of those shares
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| Initial share price: | $88.25
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| Barrier level: | $61.78, 70% of initial share price
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| Pricing date: | Dec. 22
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| Settlement date: | Dec. 28
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| Underwriter: | RBC Capital Markets, LLC
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| Fees: | 1%
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| Cusip: | 78013GBX2
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