Published on 4/26/2016 in the Prospect News Structured Products Daily.
New Issue: RBC prices $826,000 8.55% airbag autocallables linked to Delta
By Angela McDaniels
Tacoma, Wash., April 26 – Royal Bank of Canada priced $826,000 of 8.55% airbag autocallable yield notes due April 28, 2017 linked to the common stock of Delta Air Lines, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called automatically at par if Delta shares close at or above the initial share price on any quarterly observation date.
The payout at maturity will be par unless the final share price is less than the conversion price, in which case the payout will be a number of Delta shares equal to $1,000 divided by the conversion price. The conversion price is 87% of the initial share price.
UBS Financial Services Inc. and RBC Capital Markets, LLC are the underwriters.
Issuer: | Royal Bank of Canada
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Issue: | Airbag autocallable yield notes
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Underlying stock: | Delta Air Lines, Inc. (Symbol: DAL)
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Amount: | $826,000
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Maturity: | April 28, 2017
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Coupon: | 8.55%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless final share price is less than conversion price, in which case number of Delta shares equal to $1,000 divided by conversion price
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Call: | Automatically at par if Delta shares close at or above initial share price on any quarterly observation date
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Initial share price: | $44.62
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Conversion price: | $38.82, 87% of initial share price
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Pricing date: | April 22
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Settlement date: | April 27
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Underwriters: | UBS Financial Services Inc. and RBC Capital Markets, LLC
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Fees: | 1.5%
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Cusip: | 78014C178
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