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RBC plans trigger phoenix autocallable notes linked to Yum! Brands
By Marisa Wong
Morgantown, W.Va., Sept. 17 – Royal Bank of Canada plans to price trigger phoenix autocallable optimization securities due March 23, 2017 linked to Yum! Brands, Inc. shares, according to an FWP filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 9.5% to 12% if Yum! Brands stock closes at or above the trigger price, 75% of the initial price, on the observation date for that quarter.
If the shares close at or above the initial price on any quarterly observation date, the notes will be called at par of $10 plus the contingent coupon.
The payout at maturity will be par plus the contingent coupon unless Yum! Brands shares finish below the trigger level, in which case investors will be fully exposed to the share price decline.
RBC Capital Markets, LLC and UBS Financial Services Inc. are the agents.
The notes will price on Sept. 18 and settle on Sept. 23.
The Cusip number is 78013D771.
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