By Susanna Moon
Chicago, Jan. 27 – Royal Bank of Canada priced $1 million of autocallable contingent coupon barrier notes due Jan. 29, 2020 linked to the SPDR S&P Biotech exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annual rate of 10% if the fund closes at or above the trigger level, 80% of the initial level, on the observation date for that quarter.
The notes will be called at par if fund closes at or above its initial level on any quarterly call date after six months.
The payout at maturity will be par unless the fund finishes below its 80% trigger level, in which case investors will be fully exposed to any losses.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
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| Issue: | Autocallable contingent coupon barrier notes
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| Underlying fund: | SPDR S&P Biotech ETF
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| Amount: | $1 million
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| Maturity: | Jan. 29, 2020
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| Coupon: | 10% per year, payable quarterly if fund 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: | Par unless fund finishes below trigger level, in which case full exposure to any losses
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| Call: | At par if fund closes at or above its initial level on any quarterly call date beginning July 24, 2017
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| Initial level: | $62.44
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| Trigger level: | $43.71, 70% of initial level
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| Pricing date: | Jan. 24
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| Settlement date: | Jan. 27
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| Underwriter: | RBC Capital Markets, LLC
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| Fees: | 2.25%
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| Cusip: | 78012KZC4
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