RBC to price trigger phoenix autocallables on SPDR S&P Biotech ETF

By Wendy Van Sickle

Columbus, Ohio, March 10 – Royal Bank of Canada plans to price trigger phoenix autocallable notes due March 20, 2017 linked to the SPDR S&P Biotech exchange-traded fund, according to an FWP filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annualized rate of 20.5% to 22.5% if the fund closes at or above the coupon barrier level – 75% of the initial price – on the observation date for that quarter.

The notes will be called at par plus the contingent coupon if the fund closes at or above the initial price on any quarterly observation date.

The payout at maturity will be par plus the contingent coupon unless the fund finishes below the 75% trigger level, in which case investors will be fully exposed to any losses.

RBC Capital Markets, LLC is the agent.

The notes will price on March 15 and settle on March 18.

The Cusip number is 78012KMF1.

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