RBC plans 8.5%-11% six-month airbag yield notes tied to United Rentals

By Susanna Moon

Chicago, Aug. 1 - Royal Bank of Canada plans to price 8.5% to 11% annualized airbag yield optimization notes due Feb. 8, 2013 linked to United Rentals Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The payout at maturity will be par unless the United Rentals stock finishes below the 65% conversion level, in which case the payout will be a number of United Rentals shares equal to $1,000 divided by the conversion price.

UBS Financial Services Inc. and RBC Capital Markets, LLC are the underwriters.

The notes will price on Aug. 2 and settle on Aug. 7.

The Cusip number is 78008D836.

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