By Tali Rackner
Norfolk, Va., April 18 – Royal Bank of Canada priced $3.36 million of trigger phoenix autocallable notes due April 18, 2017 linked to the common stock of Under Armour, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 12.1% if Under Armour stock closes at or above the trigger price, 70% 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 $1,000 plus the contingent coupon.
The payout at maturity will be par plus the contingent coupon unless Under Armour shares finish below the trigger level, in which case investors will receive a number of Under Armour shares equal to principal amount divided by the initial stock price or the cash value at the issuer’s discretion.
UBS Financial Services Inc. and RBC Capital Markets, LLC are the agents.
| Issuer: | Royal Bank of Canada
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| Issue: | Trigger phoenix autocallable notes
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| Underlying stock: | Under Armour, Inc.
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| Amount: | $3.36 million
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| Maturity: | April 18, 2017
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| Coupon: | 12.1% per year, payable quarterly if Under Armour closes at or above trigger price on observation date for that quarter
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| Price: | Par of $1,000
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| Payout at maturity: | Par plus contingent coupon unless Under Armour shares finish below trigger level, in which case a number of Under Armour shares equal to principal amount divided by the initial stock price or the cash value
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| Call: | At par plus contingent coupon if Under Armour closes at or above initial share price on any quarterly observation date
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| Initial price: | $41.40
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| Trigger price: | $28.98; 70% of initial share price
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| Pricing date: | April 12
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| Settlement date: | April 15
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| Underwriters: | RBC Capital Markets, LLC
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| Fees: | 1.25%
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| Cusip: | 78013GAU9
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