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RBC plans 14-month Accelerated Return Notes linked to pharma stocks
By Susanna Moon
Chicago, Sept. 26 – Royal Bank of Canada plans to price 0% Accelerated Return Notes due December 2017 linked to a basket of three equally weighted stocks, according to a 424B2 filing with the Securities and Exchange Commission.
The underlying companies are AstraZeneca plc, Eli Lilly and Co. and Pfizer Inc.
The payout at maturity will be par of $10 plus triple any basket gain, up to a maximum return of 18% to 22%. The exact cap will be set at pricing.
Investors will be exposed to any losses.
BofA Merrill Lynch is the agent.
The notes will price and settle in October.
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