RBC plans to price trigger phoenix autocallables tied to Gold Miners

By Wendy Van Sickle

Columbus, Ohio, May 4 – Royal Bank of Canada plans to price trigger phoenix autocallable notes due May 9, 2019 linked to the Market Vectors Gold Miners exchange-traded fund, according to an FWP filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 10% to 11% if the fund closes at or above the barrier price, 55% of the initial price, on the observation date for that quarter. The exact coupon will be set at pricing.

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

The payout at maturity will be par plus the contingent coupon unless the fund finishes below the 55% trigger level, in which case investors will be fully exposed to the decline.

RBC Capital Markets, LLC is the agent.

The notes will price on May 6.

The Cusip number is 78012KNZ6.

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