Published on 7/11/2013 in the Prospect News Structured Products Daily.
New Issue: RBC prices $1.18 million 6.7% airbag autocallables tied to Marathon
By Marisa Wong
Madison, Wis., July 11 - Royal Bank of Canada priced $1.18 million of 6.7% airbag autocallable yield optimization notes due July 15, 2014 linked to the common stock of Marathon Oil Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called automatically at par if Marathon 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 Marathon 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: | Marathon Oil Corp. (Symbol: MRO)
|
Amount: | $1,178,000
|
Maturity: | July 15, 2014
|
Coupon: | 6.7%, payable monthly
|
Price: | Par
|
Payout at maturity: | If final share price is less than conversion price, 32.3520 Marathon shares; otherwise, par
|
Call: | Automatically at par if Marathon shares close at or above initial share price on Oct. 10, Jan. 9, April 10, 2014 or July 9, 2014
|
Initial share price: | $36.37
|
Conversion price: | $30.91, 85% of initial share price
|
Pricing date: | July 9
|
Settlement date: | July 12
|
Underwriters: | UBS Financial Services Inc. and RBC Capital Markets LLC
|
Fees: | 1.5%
|
Cusip: | 78008Y830
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.