RBC plans three-year trigger phoenix autocallables linked to two stocks

By Susanna Moon

Chicago, July 14 – Royal Bank of Canada plans to price trigger phoenix autocallable notes due July 27, 2017 linked to the worst performing of the stocks of PepsiCo, Inc. and Starbucks Corp., according to an FWP filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 7.6% to 8.05% if each stock closes at or above its coupon barrier – 75% of the initial price – on an observation date for that quarter.

If each stock closes at or above its initial price on any quarterly observation date, the notes will be called at par plus the contingent coupon.

The payout at maturity will be par plus the contingent coupon unless either stock finishes below the 75% trigger level, in which case investors will be fully exposed to any losses of the worst performing stock.

RBC Capital Markets, LLC is the agent.

The notes will price on July 22 and settle on July 25.

The Cusip number is 78010UN60.

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