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RBC plans Stars linked to basket of S&P 500, Russell 2000 indexes
By Marisa Wong
Madison, Wis., Oct. 29 - Royal Bank of Canada plans to price 0% Strategic Accelerated Redemption Securities due November 2014 tied to a basket of two equally weighted indexes, according to an FWP filing with the Securities and Exchange Commission.
The basket consists of the S&P 500 index and the Russell 2000 index.
If the basket closes at or above the initial level on any observation date, the notes will be called at par plus a call premium of 4% to 8% per year. The observation dates will be in April 2014, July 2014 and October 2014.
Investors will receive par if the basket falls by up to 5% and will lose 1% for every 1% decline in the basket beyond 5%.
BofA Merrill Lynch is the underwriter.
The exact deal terms will be set at pricing.
The notes will price in October and settle in November.
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