RBC plans 6%-7.7% airbag autocallable notes linked to SanDisk

By Jennifer Chiou

New York, May 15 - Royal Bank of Canada plans to price 6% to 7.7% airbag autocallable yield optimization notes due May 23, 2014 linked to the common stock of SanDisk Corp., according to an FWP with the Securities and Exchange Commission.

Interest will be payable monthly. The exact interest rate will be set at pricing.

The notes will be automatically called if SanDisk shares close at or above the initial share price on any of four quarterly observation dates.

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 SanDisk shares equal to $1,000 divided by the conversion price. The conversion price will be 85% of the initial share price.

The notes (Cusip: 78008Y574) are expected to price on May 17 and settle on May 22.

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

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