RBC plans to price one-year phoenix autocallables linked to Ford

By Toni Weeks

San Luis Obispo, Calif., May 21 - Royal Bank of Canada plans to price phoenix autocallable notes due June 11, 2014 linked to Ford Motor Co. shares, according to an FWP filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annualized rate of 10.71% if Ford stock closes at or above the 80% coupon barrier for that quarter.

If the shares close at or above the initial price on any quarterly observation date, the notes will be called at par plus the contingent coupon.

The payout at maturity will be par plus the contingent coupon unless Ford shares finish below the 80% trigger level, in which case investors will be fully exposed to losses.

RBC Capital Markets, LLC is the underwriter. J.P. Morgan Securities LLC is the dealer.

The notes (Cusip: 78008SZ82) will price May 24 and settle May 30.

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