RBC Capital Markets® |
Filed Pursuant to Rule 433
Registration Statement No. 333-208507
|
||
The information in this preliminary terms supplement is not complete and may be changed.
|
|||
Preliminary Terms Supplement
|
|||
Subject to Completion:
Dated March 7, 2017
Pricing Supplement Dated March __, 2017 to the Product Prospectus Supplement No. TP-1, Prospectus Supplement and Prospectus, Each Dated January 8, 2016
|
$_________
Auto-Callable Contingent Coupon Barrier Notes
Linked to the Common Stock of Morgan Stanley,
Due March 28, 2019
Royal Bank of Canada
|
||
|
|
Issuer:
|
Royal Bank of Canada
|
Listing:
|
None
|
Trade Date:
|
March 24, 2017
|
Principal Amount:
|
$1,000 per Note
|
Issue Date:
|
March 29, 2017
|
Maturity Date:
|
March 28, 2019
|
Coupon Observation Dates:
|
Quarterly, as set forth below
|
Coupon Payment Dates:
|
Quarterly, as set forth below
|
Valuation Date:
|
March 25, 2019
|
Contingent Coupon Rate:
|
[9.10%-10.10%] per annum (to be
determined on the Trade Date)
|
Initial Stock Price:
|
The closing price of the Reference Stock on the Trade Date.
|
||
Final Stock Price:
|
The closing price of the Reference Stock on the Valuation Date.
|
||
Call Stock Price:
|
100% of the Initial Stock Price.
|
||
Trigger Price and Coupon
Barrier:
|
75.00% of the Initial Stock Price.
|
||
Contingent Coupon:
|
If the closing price of the Reference Stock is greater than or equal to the Coupon Barrier on the applicable Coupon Observation Date, we will pay the Contingent Coupon applicable to that Coupon Observation Date. You may not receive any Contingent Coupons during the term of the Notes.
|
||
Payment at Maturity (if held to maturity):
|
If the Notes are not previously called, we will pay you at maturity an amount based on the Final Stock Price:
For each $1,000 in principal amount, $1,000 plus the Contingent Coupon at maturity, unless the Final Stock Price is less than the Trigger Price.
If the Final Stock Price is less than the Trigger Price, then the investor will receive at maturity, for each $1,000 in principal amount, the number of shares of the Reference Stock equal to the Physical Delivery Amount, or at our election, the cash value of those shares.
Investors could lose some or all of the value of their initial investment if there has been a decline in the trading price of the Reference Stock.
|
||
Physical Delivery Amount:
|
For each $1,000 principal amount, a number of shares of the Reference Stock equal to the principal amount divided by the Initial Stock Price, subject to adjustment as described in the product prospectus supplement.
|
||
Call Feature:
|
The Notes will be automatically called for 100% of their principal amount, plus accrued interest, if the closing price of the Reference Stock is greater than or equal to the Call Stock Price on any Call Observation Date.
|
||
Call Observation Dates:
|
Quarterly, starting on September 25, 2017, as set forth below.
|
||
Call Settlement Dates:
|
Quarterly, as set forth below.
|
||
CUSIP:
|
78013GCZ6
|
||
Dividend Equivalent Payments:
|
Non-U.S. holders will not be subject to withholding on dividend equivalent payments under Section 871(m) of the U.S. Internal Revenue Code. Please see the section below, “Supplemental Discussion of U.S. Federal Income Tax Consequences,” which applies to the Notes.
|
Per Note
|
Total
|
||
Price to public(1)
|
100.00%
|
$
|
|
Underwriting discounts and commissions(1)
|
1.75%
|
$
|
|
Proceeds to Royal Bank of Canada
|
98.25%
|
$
|
|
RBC Capital Markets, LLC
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to the Common Stock of Morgan Stanley
Due March 28, 2019
|
General:
|
This terms supplement relates to an offering of Auto-Callable Contingent Coupon Barrier Notes (the “Notes”) linked to the common stock of Morgan Stanley (the “Reference Stock”).
|
Issuer:
|
Royal Bank of Canada (“Royal Bank”)
|
Issue:
|
Senior Global Medium-Term Notes, Series G
|
Trade Date:
|
March 24, 2017
|
Issue Date:
|
March 29, 2017
|
Term:
|
Approximately two (2) years
|
Denominations:
|
Minimum denomination of $1,000, and integral multiples of $1,000 thereafter.
|
Designated Currency:
|
U.S. Dollars
|
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 price of the Reference Stock is greater than or equal to the Coupon Barrier on the applicable Coupon Observation Date, we will pay the Contingent Coupon applicable to that Coupon Observation Date.
· If the closing price of the Reference Stock is less than the Coupon Barrier on the applicable Coupon Observation Date, we will not pay you the Contingent Coupon applicable to that Coupon Observation Date.
You may not receive a Contingent Coupon for one or more quarterly periods during the term of the Notes.
|
Contingent Coupon Rate:
|
[9.10%-10.10%] per annum ([2.275% – 2.525%] per quarter), to be determined on the Trade Date.
|
Coupon Observation Dates:
|
Quarterly on June 26, 2017, September 25, 2017, December 26, 2017, March 26, 2018, June 25, 2018, September 24, 2018, December 24, 2018 and the Valuation Date.
|
Coupon Payment Dates:
|
The Contingent Coupon, if applicable, will be paid quarterly on June 29, 2017, September 28, 2017, December 29, 2017, March 29, 2018, June 28, 2018, September 27, 2018, December 28, 2018 and the Maturity Date.
|
Record Dates:
|
The record date for each Coupon Payment Date will be the date one business day prior to that scheduled Coupon Payment Date; provided, however, that any Contingent Coupon payable at maturity or upon a call will be payable to the person to whom the payment at maturity or upon the call, as the case may be, will be payable.
|
Call Feature:
|
If, on any Call Observation Date, the closing price of the Reference Stock is greater than or equal to the Call Stock Price, then the Notes will be automatically called.
|
Payment if Called:
|
If the Notes are automatically called, then, on the applicable Call Settlement Date, for each $1,000 principal amount, you will receive $1,000 plus the Contingent Coupon otherwise due on that Call Settlement Date.
|
Call Observation Dates:
|
Quarterly on September 25, 2017, December 26, 2017, March 26, 2018, June 25, 2018, September 24, 2018, December 24, 2018 and the Valuation Date.
|
Call Settlement Dates:
|
Quarterly on September 28, 2017, December 29, 2017, March 29, 2018, June 28, 2018, September 27, 2018, December 28, 2018 and the Maturity Date.
|
Valuation Date:
|
March 25, 2019
|
Maturity Date:
|
March 28, 2019
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to the Common Stock of Morgan Stanley
Due March 28, 2019
|
Initial Stock Price:
|
The closing price of the Reference Stock on the Trade Date.
|
Final Stock Price:
|
The closing price of the Reference Stock on the Valuation Date.
|
Call Stock Price:
|
100% of the Initial Stock Price.
|
Trigger Price and Coupon Barrier:
|
75.00% of the Initial Stock Price.
|
Payment at Maturity (if not previously called and held to maturity):
|
If the Notes are not previously called, we will pay you at maturity an amount based on the Final Stock Price of the Reference Stock:
· If the Final Stock Price is greater than or equal to the Trigger Price, we will pay you a cash payment equal to the principal amount plus the Contingent Coupon otherwise due on the Maturity Date.
· If the Final Stock Price is below the Trigger Price, you will receive at maturity, for each $1,000 in principal amount, the number of shares of the Reference Stock equal to the Physical Delivery Amount, or at our election, the Cash Delivery Amount. If we elect to deliver shares of the Reference Stock, fractional shares will be paid in cash.
The value of the cash or shares that you receive will be less than your principal amount, if anything, resulting in a loss that is proportionate to the decline of the Reference Stock from the Trade Date to the Valuation Date. Investors in the Notes could lose some or all of their investment if there has been a decline in the trading price of the Reference Stock below the Trigger Price.
|
Physical Delivery Amount:
|
For each $1,000 in principal amount, a number of shares of the Reference Stock equal to the principal amount divided by the Initial Stock Price, subject to adjustment as described in the product prospectus supplement. If this number is not a round number, then the number of shares of the Reference Stock to be delivered will be rounded down and the fractional part shall be paid in cash.
|
Cash Delivery Amount:
|
The product of the Physical Delivery Amount multiplied by the Final Stock Price.
|
Market Disruption Events:
|
The occurrence of a market disruption event (or a non-trading day) as to the Reference Stock will result in the postponement of a Call Observation Date, Coupon Observation Date or the Valuation Date, as described in the product prospectus supplement.
|
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 callable pre-paid contingent income-bearing derivative contract linked to the Reference Stock 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 section below, “Supplemental Discussion of U.S. Federal Income Tax Consequences,” and the discussion (including the opinion of our counsel Morrison & Foerster LLP) in the product prospectus supplement dated January 8, 2016 under “Supplemental Discussion of U.S. Federal Income Tax Consequences,” which apply 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.
|
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 dated January 8, 2016).
|
Terms Incorporated in the Master Note:
|
All of the terms appearing above the item captioned “Secondary Market” on the cover page and pages P-2 and P-3 of this terms supplement and the terms appearing under the caption “General Terms of the Notes” in the product prospectus supplement dated January 8, 2016, as modified by this pricing supplement.
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to the Common Stock of Morgan Stanley
Due March 28, 2019
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to the Common Stock of Morgan Stanley
Due March 28, 2019
|
Hypothetical Initial Stock Price:
|
$100.00*
|
Hypothetical Call Stock Price:
|
$100.00, which is 100% of the Initial Stock Price
|
Hypothetical Trigger Price and Coupon Barrier:
|
$75.00, which is 75.00% of the hypothetical Initial Stock Price
|
Hypothetical Contingent Coupon Rate:
|
9.60% per annum (or 2.40% per quarter), which is the midpoint of the Contingent Coupon Rate range of [9.10%-10.10%] per annum (to be determined on the Trade Date).
|
Hypothetical Contingent Coupon Amount:
|
$24.00 per quarter
|
Coupon Observation Dates:
|
Quarterly
|
Principal Amount:
|
$1,000 per Note
|
Final Stock Price
|
Percentage Change of the
Reference Stock
|
Payment at Maturity (assuming
that the Notes were not previously
called)*
|
Physical Delivery Amount
as Number of Shares of
the Reference Stock
|
Cash Delivery Amount
|
$200.00
|
100.00%
|
$1,024.00*
|
n/a
|
n/a
|
$190.00
|
90.00%
|
$1,024.00*
|
n/a
|
n/a
|
$180.00
|
80.00%
|
$1,024.00*
|
n/a
|
n/a
|
$170.00
|
70.00%
|
$1,024.00*
|
n/a
|
n/a
|
$150.00
|
50.00%
|
$1,024.00*
|
n/a
|
n/a
|
$140.00
|
40.00%
|
$1,024.00*
|
n/a
|
n/a
|
$130.00
|
30.00%
|
$1,024.00*
|
n/a
|
n/a
|
$120.00
|
20.00%
|
$1,024.00*
|
n/a
|
n/a
|
$110.00
|
10.00%
|
$1,024.00*
|
n/a
|
n/a
|
$100.00
|
0.00%
|
$1,024.00*
|
n/a
|
n/a
|
$90.00
|
-10.00%
|
$1,024.00*
|
n/a
|
n/a
|
$80.00
|
-20.00%
|
$1,024.00*
|
n/a
|
n/a
|
$75.00
|
-25.00%
|
$1,024.00*
|
n/a
|
n/a
|
$70.00
|
-30.00%
|
Physical or Cash Delivery Amount
|
10
|
$700.00
|
$60.00
|
-40.00%
|
Physical or Cash Delivery Amount
|
10
|
$600.00
|
$50.00
|
-50.00%
|
Physical or Cash Delivery Amount
|
10
|
$500.00
|
$40.00
|
-60.00%
|
Physical or Cash Delivery Amount
|
10
|
$500.00
|
$20.00
|
-80.00%
|
Physical or Cash Delivery Amount
|
10
|
$200.00
|
$30.00
|
-70.00%
|
Physical or Cash Delivery Amount
|
10
|
$300.00
|
$10.00
|
-90.00%
|
Physical or Cash Delivery Amount
|
10
|
$100.00
|
$0.00
|
-100.00%
|
Physical or Cash Delivery Amount
|
10
|
$0.00
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to the Common Stock of Morgan Stanley
Due March 28, 2019
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to the Common Stock of Morgan Stanley
Due March 28, 2019
|
· |
Principal at Risk — Investors in the Notes could lose all or a substantial portion of their principal amount if there is a decline in the trading price of the Reference Stock between the Trade Date and the Valuation Date. If the Notes are not automatically called and the Final Stock Price on the Valuation Date is less than the Trigger Price, the value of the shares or cash that you receive at maturity will represent a loss of your principal that is proportionate to the decline in the closing price of the Reference Stock from the Trade Date to the Valuation Date. Any Contingent Coupons received on the Notes prior to the Maturity Date may not be sufficient to compensate for any such loss.
|
· |
The Notes Are Subject to an Automatic Call — If on any Call Observation Date, the closing price of the Reference Stock is greater than or equal to the Call Stock Price, then the Notes will be automatically called. If the Notes are automatically called, then, on the applicable Call Settlement Date, for each $1,000 in principal amount, you will receive $1,000 plus the Contingent Coupon otherwise due on the applicable Call Settlement Date. You will not receive any Contingent Coupons after the Call Settlement Date. You may be unable to reinvest your proceeds from the automatic call in an investment with a return that is as high as the return on the Notes would have been if they had not been called.
|
· |
You May Not Receive Any Contingent Coupons — We will not necessarily make any coupon payments on the Notes. If the closing price of the Reference Stock on a Coupon Observation Date is less than the Coupon Barrier, we will not pay you the Contingent Coupon applicable to that Coupon Observation Date. If the closing price of the Reference Stock is less than the Coupon Barrier on each of the Coupon 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 Coupon Observation Date on the Maturity Date, you will also incur a loss of principal, because the Final Stock Price will be less than the Trigger Price.
|
· |
The Call Feature and the Contingent Coupon Feature Limit Your Potential Return — The return potential of the Notes is limited to the pre-specified Contingent Coupon Rate, regardless of the appreciation of the Reference Stock. In addition, the total return on the Notes will vary based on the number of Call Observation Dates and Coupon Observation Dates on which the Contingent Coupon becomes payable prior to maturity or an automatic call. Further, if the Notes are called due to the Call Feature, you will not receive any Contingent Coupons or any other payment in respect of any Coupon Observation Dates after the applicable Call Settlement Date. Since the Notes could be called as early as the first Call Observation Date, the total return on the Notes could be minimal. If the Notes are not called, you may be subject to the full downside performance of the Reference Stock 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 Reference Stock.
|
· |
Your Return May Be Lower than the Return on a Conventional Debt Security of Comparable 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 Expected to Affect the Market Value of the Notes — The Notes are Royal Bank’s senior unsecured debt securities. As a result the amount due on any relevant payment 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 price of the Reference Stock increases after the Trade Date. No assurance can be given as to what our financial condition will be during the term of the Notes.
|
· |
There May Not Be an Active Trading Market for the Notes-Sales in the Secondary Market May 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 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.
|
· |
Owning the Notes Is Not the Same as Owning the Reference Stock — The return on your Notes is unlikely to reflect the return you would realize if you actually owned the Reference Stock. For instance, you will not receive or be entitled to receive
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to the Common Stock of Morgan Stanley
Due March 28, 2019
|
· |
There Is No Affiliation Between the Issuer of the Reference Stock and RBCCM, and RBCCM Is Not Responsible for any Disclosure by the Issuer of the Reference Stock — We are not affiliated with Morgan Stanley. However, we and our affiliates may currently, or from time to time in the future engage, in business with Morgan Stanley. Nevertheless, neither we nor our affiliates assume any responsibilities for the accuracy or the completeness of any information that any other company prepares. You, as an investor in the Notes, should make your own investigation into the Reference Stock. Morgan Stanley is not involved in this offering and has no obligation of any sort with respect to your Notes. Morgan Stanley has no obligation to take your interests into consideration for any reason, including when taking any corporate actions that might affect the value of your Notes.
|
· |
Our Business Activities May Create Conflicts of Interest — We and our affiliates expect to engage in trading activities related to the Reference Stock that are not for the account of holders of the Notes or on their behalf. These trading activities may present a conflict between the holders’ interests in the Notes and the interests we and our affiliates will have in their proprietary accounts, in facilitating transactions, including options and other derivatives transactions, for their customers and in accounts under their management. These trading activities, if they influence the prices of the Reference Stock, could be adverse to the interests of the holders of the Notes. We and one or more of our affiliates may, at present or in the future, engage in business with the issuer of the Reference Stock, including making loans to or providing advisory services. These services could include investment banking and merger and acquisition advisory services. These activities may present a conflict between our or one or more of our affiliates’ obligations and your interests as a holder of the Notes. Moreover, we and our affiliates may have published, and in the future expect to publish, research reports with respect to the Reference Stock. This research is modified from time to time without notice and may express opinions or provide recommendations that are inconsistent with purchasing or holding the Notes. Any of these activities by us or one or more of our affiliates may affect the price of the Reference Stock, and, therefore, the market value of the Notes.
|
· |
The Initial Estimated Value of the Notes Will Be Less than the Price to the Public – The initial estimated value set forth on the cover page of this terms supplement and that will be set forth in the final pricing supplement for the Notes 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 price of the Reference Stock, 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 by RBCCM 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 of this Terms Supplement and that We Will Provide in the Final Pricing Supplement Are Estimates Only, Calculated as of the Time the Terms of the Notes Are Set –The initial estimated value of the Notes will be 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 estimates are 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.
|
· |
Market Disruption Events and Adjustments – The payment at maturity, each Call Observation Date, each Coupon Observation Date and the Valuation Date are subject to adjustment as described in the product prospectus supplement. For a description of what constitutes a market disruption event as well as the consequences of that market disruption event, see “General Terms of the Notes—Market Disruption Events” in the product prospectus supplement.
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to the Common Stock of Morgan Stanley
Due March 28, 2019
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to the Common Stock of Morgan Stanley
Due March 28, 2019
|
Period-Start Date
|
Period-End Date
|
High Intra-Day Price of
the Reference Stock
($)
|
Low Intra-Day Price of
the Reference Stock
($)
|
Period-End Closing
Price of the Reference
Stock ($)
|
||||
1/1/2012
|
3/31/2012
|
21.19
|
15.44
|
19.64
|
||||
4/1/2012
|
6/30/2012
|
20.04
|
12.26
|
14.59
|
||||
7/1/2012
|
9/30/2012
|
18.50
|
12.29
|
16.74
|
||||
10/1/2012
|
12/31/2012
|
19.45
|
15.95
|
19.12
|
||||
1/1/2013
|
3/31/2013
|
24.47
|
19.33
|
21.98
|
||||
4/1/2013
|
6/30/2013
|
27.17
|
20.16
|
24.43
|
||||
7/1/2013
|
9/30/2013
|
29.49
|
23.83
|
26.95
|
||||
10/1/2013
|
12/31/2013
|
31.85
|
26.42
|
31.36
|
||||
1/1/2014
|
3/31/2014
|
33.52
|
28.78
|
31.17
|
||||
4/1/2014
|
6/30/2014
|
32.82
|
28.31
|
32.33
|
||||
7/1/2014
|
9/30/2014
|
36.42
|
31.13
|
34.57
|
||||
10/1/2014
|
12/31/2014
|
39.19
|
31.36
|
38.80
|
||||
1/1/2015
|
3/31/2015
|
39.15
|
33.73
|
35.69
|
||||
4/1/2015
|
6/30/2015
|
40.26
|
35.36
|
38.79
|
||||
7/1/2015
|
9/30/2015
|
40.94
|
30.40
|
31.50
|
||||
10/1/2015
|
12/31/2015
|
35.74
|
30.15
|
31.81
|
||||
1/1/2016
|
3/31/2016
|
31.70
|
21.16
|
25.01
|
||||
4/1/2016
|
6/30/2016
|
28.29
|
23.11
|
25.98
|
||||
7/1/2016
|
9/30/2016
|
32.44
|
24.57
|
32.06
|
||||
10/1/2016
|
12/31/2016
|
44.03
|
30.97
|
42.25
|
||||
1/1/2017
|
3/6/2017
|
47.17
|
41.77
|
46.57
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to the Common Stock of Morgan Stanley
Due March 28, 2019
|
|
|
Auto-Callable Contingent Coupon Barrier Notes
Linked to the Common Stock of Morgan Stanley
Due March 28, 2019
|
P-12
|
RBC Capital Markets, LLC
|