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RBC to price 8.5%-10.5% airbag autocallables linked to Medivation
By Toni Weeks
San Luis Obispo, Calif., Oct. 31 - Royal Bank of Canada plans to price 8.5% to 10.5% airbag autocallable yield optimization notes due Nov. 7, 2014 linked to the common stock of Medivation, Inc., 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 notes will be automatically called at par plus accrued interest if Medivation stock closes 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 Medivation shares equal to $1,000 divided by the conversion price. The conversion price will be 75% of the initial share price.
The notes (Cusip: 78009Q828) are expected to price Nov. 1 and settle Nov. 7.
RBC Capital Markets, LLC is the agent, and UBS Financial Services Inc. is the dealer.
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