Published on 11/22/2013 in the Prospect News Structured Products Daily.
New Issue: RBC prices $593,000 8.3% reverse convertibles linked to Facebook
By Toni Weeks
San Luis Obispo, Calif., Nov. 22 - Royal Bank of Canada priced $593,000 of 8.3% reverse convertible notes due Nov. 25, 2014 linked to the common stock of Facebook, Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless Facebook stock closes below the barrier price, 55% of the initial share price, on any day during the life of the notes and finishes below the initial price, in which case the payout will be a number of Facebook shares equal to $1,000 divided by the initial share price or, at RBC's option, the value of those shares in cash.
RBC Capital Markets LLC is the agent.
Issuer: | Royal Bank of Canada
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Issue: | Reverse convertible notes
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Underlying stock: | Facebook, Inc. (Symbol: FB)
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Amount: | $593,000
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Maturity: | Nov. 25, 2014
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Coupon: | 8.3%, payable monthly
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Price: | Par
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Payout at maturity: | Par unless Facebook stock closes below barrier price during life of the notes and finishes below the initial price, in which case a number of Facebook shares equal to $1,000 divided by initial share price or, at RBC's option, the cash value of those shares
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Initial share price: | $46.43
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Barrier price: | $25.54, 55% of initial share price
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Pricing date: | Nov. 20
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Settlement date: | Nov. 25
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Agent: | RBC Capital Markets LLC
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Fees: | 0.75%
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Cusip: | 78010UKA4
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