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RBC plans to price trigger phoenix autocallables linked to Citigroup
By Toni Weeks
San Luis Obispo, Calif., May 1 - Royal Bank of Canada plans to price trigger phoenix autocallable optimization securities due Nov. 7, 2014 linked to the common stock of Citigroup Inc., according to an FWP filing with the Securities and Exchange Commission.
If Citigroup stock closes at or above the trigger price - 75% of the initial share price - on a quarterly observation date, the issuer will pay a contingent coupon for that quarter at the rate of 8% to 9%. Otherwise, no coupon will be paid that quarter. The exact coupon will be set at pricing.
If the shares close at or above the initial price on any quarterly observation date, the notes will be called at par of $10 plus the contingent coupon.
If the notes are not called and Citigroup shares finish at or above the trigger price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will be exposed to the share price decline from the initial price.
The notes (Cusip: 78008Y301) are expected to price May 3 and settle May 8.
UBS Financial Services Inc. and RBC Capital Markets, LLC are the underwriters.
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