RBC plans trigger phoenix autocallable notes on Santander Consumer USA

By Marisa Wong

Madison, Wis., Aug. 20 – Royal Bank of Canada plans to price trigger phoenix autocallable notes due Feb. 29, 2016 linked to Santander Consumer USA Holdings 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 10% to 12.5% if the stock closes at or above its barrier level – 70% of the initial price – on a quarterly observation date.

The notes will be called at par if the stock closes at or above its initial price on any quarterly observation date.

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

UBS Financial Services Inc. and RBC Capital Markets, LLC are the agents.

The notes are expected to price Aug. 22 and settle Aug. 29.

The Cusip number is 78011Y314.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.