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RBC plans 7%-9.2% airbag yield optimization notes tied to Rackspace
By Marisa Wong
Madison, Wis., Nov. 21 - Royal Bank of Canada plans to price 7% to 9.2% annualized airbag yield optimization notes due May 30, 2014 linked to Rackspace Hosting, Inc. shares, 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 payout at maturity will be par unless Rackspace stock finishes below the 80% conversion level, in which case the payout will be a number of Rackspace shares equal to $1,000 divided by the conversion price.
UBS Financial Services Inc. and RBC Capital Markets, LLC are the agents.
The notes will price on Nov. 26 and settle on Nov. 29.
The Cusip number is 78010Y125.
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