Bond Royal Bank of Canada 5.25% ( US78012KWN35 ) in USD

Royal Bank of Canada

100 % ▼

Canada

US78012KWN35 ( in USD )

5.25% per year ( payment 2 times a year)

30/12/2022 - Bond has expired

Prospectus brochure of the bond Royal Bank of Canada US78012KWN35 in USD 5.25%, expired

1 000 USD

177 000 USD

78012KWN3

N/A

The Royal Bank of Canada (RBC) is a Canadian multinational financial services company offering personal and commercial banking, wealth management, insurance, and investment banking services globally.

Royal Bank of Canada's USD 177,000,000 5.25% bond (CUSIP: 78012KWN3, ISIN: US78012KWN35), issued in Canada, matured on December 30, 2022, with a minimum purchase size of 1000 and a current market price of 100%, paying semi-annually, and received a Moody's rating of NR.

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424B2 1 form424b2.htm SPX PHOENIX NO-CALL
RBC Capital Markets®
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-208507
Pricing Supplement
$177,000
Dated December 27, 2016
Contingent Coupon Barrier Notes
To the Product Prospectus Supplement TP-2, January 11,
2016,
Linked to
and the Prospectus Supplement and Prospectus, Each
the S&P 500® Index,
Dated
due December 30, 2022
January 8, 2016
Royal Bank of Canada
Royal Bank of Canada is offering Contingent Coupon Barrier Notes (the "Notes") linked to the performance of the S&P 500® Index
(the "Reference Index"). The Notes offered are senior unsecured obligations of Royal Bank of Canada, and will pay a quarterly
Contingent Coupon at the annual rate of 5.25% if the level of the Reference Index is equal to or greater than its Coupon Barrier.
The CUSIP number for the Notes is 78012KWN3.
At maturity, we will pay the principal amount of the Notes, unless the Final Level of the Reference Index is less than its Trigger
Level. If the Final Level of the Reference Index is less than its Trigger Level, instead of the principal amount, you will receive an
amount of cash which will be less than the principal amount, based upon the percentage decrease of the Reference Index.
Investors could lose some or all of their investment at maturity if there has been a decline in the level of the Reference
Index.
Any payments on the Notes are subject to our credit risk.
Issue Date: December 30, 2016
Maturity Date: December 30, 2022
The Notes will not be listed on any securities exchange.
Investing in the Notes involves a number of risks. See "Selected Risk Factors" beginning on page P-7 of this pricing supplement,
"Risk Factors" beginning on page S-1 of the prospectus supplement dated January 8, 2016, and "Risk Factors" beginning on page
PS-4 of the product prospectus supplement dated January 11, 2016.
The Notes will not constitute deposits insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance
Corporation or any other Canadian or U.S. government agency or instrumentality.
Neither the Securities and Exchange Commission (the "SEC") nor any state securities commission has approved or disapproved of
the Notes or determined that this pricing supplement is truthful or complete. Any representation to the contrary is a criminal
offense.
Per Note
Total
Price to public(1)
100.00%
$177,000.00
Underwriting discounts and commissions(1)
2.75%
$ 4,867.50
Proceeds to Royal Bank of Canada
97.25%
$172,132.50
(1) Certain dealers who purchase the notes for sale to certain fee-based advisory accounts may forego some or all of their underwriting discount or selling
concessions. The public offering price for investors purchasing the notes in these accounts may be between $972.50 and $1,000 per $1,000 in principal
amount.
RBC Capital Markets, LLC, which we refer to as RBCCM, acting as agent for Royal Bank of Canada, received a commission of
$27.50 per $1,000 in principal amount of the Notes and used all or a portion of that commission to allow selling concessions to
other dealers of up to $27.50 per $1,000 in principal amount of the Notes. The other dealers may forgo, in their sole discretion,
some or all of their selling concessions. See "Supplemental Plan of Distribution (Conflicts of Interest)" on page P-15 below.
The initial estimated value of the Notes as of the date of this pricing supplement is $936.90 per $1,000 in principal amount, which
is less than the price to public. The actual value of the Notes at any time will reflect many factors, cannot be predicted with
accuracy, and may be less than this amount. We describe our determination of the initial estimated value in more detail below.
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We may use this pricing supplement in the initial sale of the Notes. In addition, RBCCM or another of our affiliates may use this
pricing supplement in a market-making transaction in the Notes after their initial sale. Unless we or our agent informs the
purchaser otherwise in the confirmation of sale, this pricing supplement is being used in a market-making transaction.
RBC Capital Markets, LLC
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Contingent Coupon Barrier Notes
Linked to the S&P 500® Index
Due December 30, 2022
SUMMARY
The information in this "Summary" section is qualified by the more detailed information set forth in this pricing
supplement, the product prospectus supplement, the prospectus supplement and the prospectus. As used in
this pricing supplement, the "Company," "we," "us," or "our" refers to Royal Bank of Canada.
Issuer:
Royal Bank of Canada ("Royal Bank")
Issue:
Senior Global Medium-Term Notes, Series G
Currency:
U.S. Dollars
Minimum
$1,000 and minimum denominations of $1,000 in excess thereof
Investment:
Trade Date:
December 27, 2016
Issue Date:
December 30, 2016
CUSIP:
78012KWN3
Valuation Date:
December 27, 2022
Maturity Date:
December 30, 2022
Contingent Coupon: We will pay you a Contingent Coupon during the term of the Notes, periodically in
arrears on each Coupon Payment Date, under the conditions described below:
If the closing level of the Reference Index is greater than or equal to its Coupon Barrier
on the applicable Observation Date, we will pay the Contingent Coupon applicable to
that Observation Date.
However, if the closing level of the Reference Index is less than its Coupon Barrier on
the applicable Observation Date, we will not pay you the Contingent Coupon applicable
to that Observation Date.
You may not receive a Contingent Coupon for one or more quarterly periods during the
term of the Notes.
Contingent Coupon 5.25% per annum (1.3125% per quarter)
Rate:
Observation Dates:
Quarterly on March 27, 2017, June 27, 2017, September 27, 2017, December 27,
2017, March 27, 2018, June 27, 2018, September 27, 2018, December 27, 2018,
March 27, 2019, June 27, 2019, September 27, 2019, December 27, 2019, March 27,
2020, June 29, 2020, September 28, 2020, December 28, 2020, March 29, 2021, June
28, 2021, September 27, 2021, December 27, 2021, March 28, 2022, June 27, 2022,
September 27, 2022, and the Valuation Date, subject to postponement as described in
the product prospectus supplement.
Coupon Payment
Three business days following each Observation Date, subject to postponement as
Dates:
described in the product prospectus supplement.
Initial Level:
2,268.88, which was the closing level of the Reference Index on the Trade Date.
Final Level:
The closing level of the Reference Index on the Valuation Date.
Trigger Level and
1,452.08, which is 64.00% of the Initial Level (rounded to two decimal places).
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Coupon Barrier:
P-2
RBC Capital Markets, LLC
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Contingent Coupon Barrier Notes
Linked to the S&P 500® Index
Due December 30, 2022
Payment at Maturity: We will pay you at maturity an amount based on the Final Level of the Reference Index:
If the Final Level is greater than or equal to its Trigger Level, we will pay you a
x
cash payment equal to the principal amount plus the Contingent Coupon
otherwise due on the Maturity Date.
If the Final Level is below its Trigger Level, the investor will receive at maturity,
x
for each $1,000 in principal amount, a cash payment equal to:
Principal Amount + (Principal Amount x Percentage Change)
Percentage Change: For the Reference Index, an amount, expressed as a percentage, equal to:
Call Prior to
We will not have the option to redeem the Notes prior to maturity, and the Notes are not
Maturity:
automatically callable prior to maturity.
Calculation Agent:
RBC Capital Markets, LLC ("RBCCM")
U.S. Tax Treatment: By purchasing a Note, each holder agrees (in the absence of a change in law, an
administrative determination or a judicial ruling to the contrary) to treat the Note as a
pre-paid cash settled contingent income-bearing derivative contract for U.S. federal
income tax purposes. However, the U.S. federal income tax consequences of your
investment in the Notes are uncertain and the Internal Revenue Service could assert
that the Notes should be taxed in a manner that is different from that described in the
preceding sentence. Please see the discussion (including the opinion of our counsel
Morrison & Foerster LLP) in the product prospectus supplement under "Supplemental
Discussion of U.S. Federal Income Tax Consequences," which applies to the Notes.
Secondary Market:
RBCCM (or one of its affiliates), though not obligated to do so, may maintain a
secondary market in the Notes after the Issue Date. The amount that you may
receive upon sale of your Notes prior to maturity may be less than the principal
amount of your Notes.
Listing:
The Notes will not be listed on any securities exchange.
Settlement:
DTC global (including through its indirect participants Euroclear and Clearstream,
Luxembourg as described under "Description of Debt Securities--Ownership and Book-
Entry Issuance" in the prospectus).
Terms Incorporated All of the terms appearing above the item captioned "Secondary Market" on pages P-2
in the Master Note:
and P-3 of this pricing supplement and the terms appearing under the caption "General
Terms of the Notes" in the product prospectus supplement, as modified by this pricing
supplement.
P-3
RBC Capital Markets, LLC
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Contingent Coupon Barrier Notes
Linked to the S&P 500® Index
Due December 30, 2022
ADDITIONAL TERMS OF YOUR NOTES
You should read this pricing supplement together with the prospectus dated January 8, 2016, as supplemented
by the prospectus supplement dated January 8, 2016 and the product prospectus supplement dated January
11, 2016, relating to our Senior Global Medium-Term Notes, Series G, of which these Notes are a part.
Capitalized terms used but not defined in this pricing supplement will have the meanings given to them in the
product prospectus supplement. In the event of any conflict, this pricing supplement will control. The Notes
vary from the terms described in the product prospectus supplement in several important ways. For
example, the Notes are not callable prior to maturity. You should read this pricing supplement
carefully.
This pricing supplement, together with the documents listed below, contains the terms of the Notes and
supersedes all prior or contemporaneous oral statements as well as any other written materials including
preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample
structures, brochures or other educational materials of ours. You should carefully consider, among other things,
the matters set forth in "Risk Factors" in the prospectus supplement dated January 8, 2016 and in the product
prospectus supplement dated January 11, 2016, as the Notes involve risks not associated with conventional
debt securities. We urge you to consult your investment, legal, tax, accounting and other advisors before you
invest in the Notes. You may access these documents on the SEC website at www.sec.gov as follows (or if
that address has changed, by reviewing our filings for the relevant date on the SEC website):
Prospectus dated January 8, 2016:
http://www.sec.gov/Archives/edgar/data/1000275/000121465916008810/j18160424b3.htm
Prospectus Supplement dated January 8, 2016:
https://www.sec.gov/Archives/edgar/data/1000275/000121465916008811/p14150424b3.htm
Product Prospectus Supplement TP-2 dated January 11, 2016:
https://www.sec.gov/Archives/edgar/data/1000275/000114036116047489/form424b5.htm
Our Central Index Key, or CIK, on the SEC website is 1000275. As used in this pricing supplement, "we," "us,"
or "our" refers to Royal Bank of Canada.
P-4
RBC Capital Markets, LLC
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Contingent Coupon Barrier Notes
Linked to the S&P 500® Index
Due December 30, 2022
HYPOTHETICAL EXAMPLES
The table set out below is included for illustration purposes only. The table illustrates the Payment at Maturity
of the Notes (excluding the final Contingent Coupon, if payable) for a hypothetical range of performance for the
Reference Index, assuming an Initial Level of 100.00, a Trigger Level of 64.00 and an initial investment of
$1,000. Hypothetical Final Levels are shown in the first column on the left. The actual Initial Level and Trigger
Level of the Reference Index are set forth on P-2 of this pricing supplement. The second column shows the
Payment at Maturity for a range of Final Levels on the Valuation Date. The third column shows the amount of
cash to be paid on the Notes per $1,000 in principal amount. It is possible that the Final Level will be less
than its Initial Level.
Payment at Maturity as
Cash Payment
Hypothetical Final
Percentage of Principal
Amount per $1,000
Level
Amount
in Principal Amount
130.00
100.00%
$1,000.00
120.00
100.00%
$1,000.00
110.00
100.00%
$1,000.00
100.00
100.00%
$1,000.00
85.00
100.00%
$1,000.00
70.00
100.00%
$1,000.00
64.00
100.00%
$1,000.00
63.99
63.99%
$639.90
60.00
60.00%
$600.00
55.00
55.00%
$550.00
50.00
50.00%
$500.00
25.00
25.00%
$250.00
0.00
0.00%
$0.00
P-5
RBC Capital Markets, LLC
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Contingent Coupon Barrier Notes
Linked to the S&P 500® Index
Due December 30, 2022
Hypothetical Examples of Amounts Payable at Maturity
The following hypothetical examples illustrate how the total returns set forth in the table above are calculated.
Example 1: The level of the Reference Index increases by 25% from the Initial Level of 100.00 to the
Final Level of 125.00. Because the level of the Reference Index is greater than the Trigger Level of 64.00, the
investor receives at maturity, in addition to any Contingent Coupon otherwise due on the Notes, a cash
payment of $1,000 per Note, despite the 25% appreciation in the level of the Reference Index.
Example 2: The level of the Reference Index decreases by 15% from the Initial Level of 100.00 to the
Final Level of 85.00. Because the level of the Final Level greater than the Trigger Level of 64.00, the investor
receives at maturity, in addition to any Contingent Coupon otherwise due on the Notes, a cash payment of
$1,000 per Note, despite the 15% decline in the level of Reference Index.
Example 3: The level of the Reference Asset decreases by 50% from the Initial Level of 100.00 to the
Final Level of 50.00. Because the closing level of the Reference Index is less than the Trigger Level of 64.00,
the final Contingent Coupon will not be payable on the Maturity Date, and we will pay only $500.00 for each
$1,000 in the principal amount of the Notes.
The Payments at Maturity shown above are entirely hypothetical; they are based on levels of the Reference
Index that may not be achieved on the Valuation Date and on assumptions that may prove to be erroneous.
The actual market value of your Notes on the Maturity Date or at any other time, including any time you may
wish to sell your Notes, may bear little relation to the hypothetical Payments at Maturity shown above, and
those amounts should not be viewed as an indication of the financial return on an investment in the Notes or on
an investment in the securities included in the Reference Index.
P-6
RBC Capital Markets, LLC
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Contingent Coupon Barrier Notes
Linked to the S&P 500® Index
Due December 30, 2022
SELECTED RISK FACTORS
An investment in the Notes involves significant risks. Investing in the Notes is not equivalent to investing
directly in the securities included in the Reference Index. These risks are explained in more detail in the section
"Risk Factors," the product prospectus supplement. In addition to the risks described in the prospectus
supplement and the product prospectus supplement, you should consider the following:
Principal at Risk -- Investors in the Notes could lose some or all of their principal amount if there is a
x
decline in the level of the Reference Index between the Trade Date and the Valuation Date. If the Final
Level of the Reference Index on the Valuation Date is less than the Trigger Level, the amount of cash
that you receive at maturity will represent a loss of your principal that is proportionate to the decline in
the closing level of the Reference Index. Any Contingent Coupons received on the Notes prior to the
maturity date may not be sufficient to compensate for any such loss.
You May Not Receive any Contingent Coupons -- We will not necessarily make any coupon
x
payments on the Notes. If the closing level of the Reference Index on an Observation Date is less than
the Coupon Barrier, we will not pay you the Contingent Coupon applicable to that Observation Date. If
the closing level of any of the Reference Index is less than the Coupon Barrier on each of the
Observation Dates and on the Valuation Date, we will not pay you any Contingent Coupons during the
term of, and you will not receive a positive return on, your Notes. Generally, this non-payment of the
Contingent Coupon coincides with a period of greater risk of principal loss on your Notes. Accordingly,
if we do not pay the Contingent Coupon for the final Observation Date on the Maturity Date, you will
also incur a loss of principal, because the Final Level will be less than the Trigger Level.
The Contingent Coupon Feature Limits Your Potential Return -- The return potential of the Notes
x
is limited to the pre-specified Contingent Coupon Rate, regardless of the appreciation of the Reference
Index. The total return on the Notes will vary based on the number of Observation Dates on which the
Contingent Coupon becomes payable prior to maturity. You may be subject to the full downside
performance of the Reference Index even though your potential return is limited to the Contingent
Coupon Rate. As a result, the return on an investment in the Notes could be less than the return on a
direct investment in the securities represented by the Reference Index.
Your Return May Be Lower than the Return on a Conventional Debt Security of Comparable
x
Maturity -- The return that you will receive on the Notes, which could be negative, may be less than
the return you could earn on other investments. Even if your return is positive, your return may be less
than the return you would earn if you bought a conventional senior interest bearing debt security of
Royal Bank.
Payments on the Notes Are Subject to Our Credit Risk, and Changes in Our Credit Ratings Are
x
Expected to Affect the Market Value of the Notes -- The Notes are Royal Bank's senior unsecured
debt securities. As a result, your receipt of the Contingent Coupon payments and the amount due on
the maturity date is dependent upon Royal Bank's ability to repay its obligations on the applicable
payment dates. This will be the case even if the level of the Reference Index increases after the Trade
Date. No assurance can be given as to what our financial condition will be at any time during the term
of the Notes.
There May Not Be an Active Trading Market for the Notes--Sales in the Secondary Market May
x
Result in Significant Losses -- There may be little or no secondary market for the Notes. The Notes
will not be listed on any securities exchange. RBCCM and other affiliates of Royal Bank may make a
market for the Notes; however, they are not required to do so. RBCCM or any other affiliate of Royal
Bank may stop any market-making activities
P-7
RBC Capital Markets, LLC
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Contingent Coupon Barrier Notes
Linked to the S&P 500® Index
Due December 30, 2022
at any time. Even if a secondary market for the Notes develops, it may not provide significant liquidity
or trade at prices advantageous to you. We expect that transaction costs in any secondary market
would be high. As a result, the difference between bid and asked prices for your Notes in any
secondary market could be substantial.
You Will Not Have Any Rights to the Securities Included in the Reference Index -- Investing in
x
the Notes will not make you a holder of any of the securities included in the Reference Index. As a
holder of the Notes, you will not have voting rights or rights to receive cash dividends or other
distributions or other rights that holders of the constituent stocks included in the Reference Index would
have. The Final Level will not reflect any dividends paid on the securities included in the Reference
Index.
The Initial Estimated Value of the Notes Is Less than the Price to the Public The initial estimated
x
value set forth on the cover page of this pricing supplement does not represent a minimum price at
which we, RBCCM or any of our affiliates would be willing to purchase the Notes in any secondary
market (if any exists) at any time. If you attempt to sell the Notes prior to maturity, their market value
may be lower than the price you paid for them and the initial estimated value. This is due to, among
other things, changes in the level of the Reference Index, the borrowing rate we pay to issue securities
of this kind, and the inclusion in the price to the public of the underwriting discount and the estimated
costs relating to our hedging of the Notes. These factors, together with various credit, market and
economic factors over the term of the Notes, are expected to reduce the price at which you may be
able to sell the Notes in any secondary market and will affect the value of the Notes in complex and
unpredictable ways. Assuming no change in market conditions or any other relevant factors, the price,
if any, at which you may be able to sell your Notes prior to maturity may be less than your original
purchase price, as any such sale price would not be expected to include the underwriting discount and
the hedging costs relating to the Notes. In addition to bid-ask spreads, the value of the Notes
determined for any secondary market price is expected to be based on the secondary rate rather than
the internal funding rate used to price the Notes and determine the initial estimated value. As a result,
the secondary price will be less than if the internal funding rate was used. The Notes are not designed
to be short-term trading instruments. Accordingly, you should be able and willing to hold your Notes to
maturity.
The Initial Estimated Value of the Notes on the Cover Page Is an Estimate Only, Calculated as of
x
the Time the Terms of the Notes Were Set The initial estimated value of the Notes is based on the
value of our obligation to make the payments on the Notes, together with the mid-market value of the
derivative embedded in the terms of the Notes. See "Structuring the Notes" below. Our estimate is
based on a variety of assumptions, including our credit spreads, expectations as to dividends, interest
rates and volatility, and the expected term of the Notes. These assumptions are based on certain
forecasts about future events, which may prove to be incorrect. Other entities may value the Notes or
similar securities at a price that is significantly different than we do.
The value of the Notes at any time after the Trade Date will vary based on many factors, including
changes in market conditions, and cannot be predicted with accuracy. As a result, the actual value you
would receive if you sold the Notes in any secondary market, if any, should be expected to differ
materially from the initial estimated value of your Notes.
Inconsistent Research Royal Bank or its affiliates may issue research reports on securities that are,
x
or may become, components of the Reference Index. We may also publish research from time to time
on financial markets and other matters that may influence the levels of the Reference Index or the
value of the Notes, or express opinions or provide recommendations that may be inconsistent with
purchasing or holding the Notes or
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