By Wendy Van Sickle
Columbus, Ohio, July 16 – Royal Bank of Canada priced $6.16 million phoenix autocallable notes with memory coupon due July 29, 2020 linked to Wynn Resorts, Ltd. shares, according to a 424B2 filing with the Securities and Exchange Commission.
If the stock closes at or above the barrier level, 62.6% of the initial level, on a quarterly observation date, the notes will pay a contingent coupon for that quarter at an annualized rate of 15%, plus any previously unpaid contingent interest payments.
The notes will be called at par if the shares close at or above the initial share price on any observation date other than the final date.
The payout at maturity will be par plus the final coupon and any previously unpaid coupons unless the stock finishes below the 62.6% trigger level, in which case investors will receive a number of shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent.
JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC are the agents.
| Issuer: | Royal Bank of Canada
|
| Issue: | Phoenix autocallable notes with memory coupon
|
| Underlying stock: | Wynn Resorts, Ltd.
|
| Amount: | $6,161,000
|
| Maturity: | July 29, 2020
|
| Coupon: | 15% annualized, plus any previously unpaid coupons, if index closes at or above barrier level on quarterly observation date
|
| Price: | Par
|
| Payout at maturity: | Par plus contingent coupon and previously unpaid coupons if index finishes at or above trigger level; otherwise, a number of shares equal to $1,000 divided by the initial share price or, at the issuer’s option, the cash equivalent
|
| Call: | At par plus contingent coupon and previously unpaid coupons if index closes at or above initial level on a quarterly observation date
|
| Initial price: | $133.89
|
| Barrier/trigger price: | $83.82, 62.6% of initial price
|
| Pricing date: | July 12
|
| Settlement date: | July 17
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 1%
|
|
|
| Cusip: | 78013XWM6
|
|
|
© 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.
