By Toni Weeks
San Luis Obispo, Calif., Dec. 10 - Royal Bank of Canada priced $7.27 million of 6.7% airbag autocallable yield optimization notes due Dec. 11, 2014 linked to the common stock of Freeport-McMoRan Copper & Gold Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The notes will be called automatically at par if Freeport-McMoRan shares close at or above the initial share price on any quarterly observation date.
The payout at maturity will be par unless the final share price is less than the conversion price, in which case the payout will be a number of Freeport-McMoRan shares equal to $1,000 divided by the conversion price. The conversion price is 85% of the initial share price.
UBS Financial Services Inc. and RBC Capital Markets, LLC are the underwriters.
| Issuer: | Royal Bank of Canada
|
| Issue: | Airbag autocallable yield optimization notes
|
| Underlying stock: | Freeport-McMoRan Copper & Gold, Inc. (Symbol: FCX)
|
| Amount: | $7,273,000
|
| Maturity: | Dec. 11, 2014
|
| Coupon: | 6.7%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | If final price is less than conversion price, 34.3525 Freeport-McMoRan shares; otherwise, par
|
| Call: | At par if Freeport-McMoRan shares close at or above initial share price on any quarterly observation date
|
| Initial price: | $34.25
|
| Conversion price: | $29.11, 85% of initial price
|
| Pricing date: | Dec. 6
|
| Settlement date: | Dec. 11
|
| Underwriters: | UBS Financial Services Inc. and RBC Capital Markets, LLC
|
| Fees: | 1.5%
|
| Cusip: | 78010Y224
|
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