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RBC to price 9.35%-12.35% reverse convertibles linked to U.S. Steel
By Marisa Wong
Madison, Wis., June 4 - Royal Bank of Canada plans to price 9.35% to 12.35% reverse convertible notes due Dec. 18, 2013 linked to United States Steel Corp. shares, according to an FWP filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless U.S. Steel shares fall below the barrier price, 65% of the initial price, during the life of the notes and finish below the initial price in which case the payout will be a number of U.S. Steel shares equal to $1,000 principal amount divided by the initial price.
RBC Capital Markets Corp. is the agent.
The notes are expected to price on June 13 and settle on June 18.
The Cusip number is 78008S2G0.
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