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RBC plans Accelerated Return Notes tied to three financial stocks
By Marisa Wong
Morgantown, W.Va., Oct. 18 – Royal Bank of Canada plans to price 0% Accelerated Return Notes due December 2017 linked to a basket of three equally weighted stocks, according to an FWP filing with the Securities and Exchange Commission.
The underlying companies are Citigroup Inc., JPMorgan Chase & Co. and Morgan Stanley.
The payout at maturity will be par of $10 plus triple any basket gain, up to a maximum return of 17% to 21%. The exact cap will be set at pricing.
Investors will be exposed to any losses.
BofA Merrill Lynch is the agent.
The notes will price in October and settle in November.
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