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RBC plans 6.75%-8.75% trigger yield optimization notes linked to Hess
By Toni Weeks
San Diego, July 5 - Royal Bank of Canada plans to price 6.75% to 8.75% trigger yield optimization notes due July 13, 2012 linked to the common stock of Hess Corp., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly. The exact coupon will be set at pricing.
The face amount of each note will be equal to the initial share price of Hess stock.
The payout at maturity will be par unless the final price of Hess stock is less than 80% of the initial share price, in which case investors will receive one Hess share per note.
The notes (Cusip: 78010T712) are expected to price July 8 and settle July 13.
UBS Financial Services Inc. and RBC Capital Markets, LLC are the agents.
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