By Angela McDaniels
Tacoma, Wash., April 28 - Royal Bank of Canada priced $18.81 million of 8% STEP Income Securities due May 8, 2015 linked to the American Depositary Receipts of Sony Corp., according to a 424B2 filing with the Securities and Exchange Commission.
BofA Merrill Lynch is the agent.
Interest is payable quarterly.
If the final price of Sony ADRs is greater than or equal to the step level, 108% of the initial price, the payout at maturity will be par of $10 plus 4.52%.
If the final ADR price is greater than or equal to the initial ADR price but less than the step level, investors will receive par.
If the final ADR price is less than the initial ADR price, investors will have one-to-one exposure to the decline.
| Issuer: | Royal Bank of Canada
|
| Issue: | STEP Income Securities
|
| Underlying stock: | Sony Corp. American Depositary Receipts (NYSE: SNE)
|
| Amount: | $18,806,990
|
| Maturity: | May 8, 2015
|
| Coupon: | 8%, payable quarterly
|
| Price: | Par of $10.00
|
| Payout at maturity: | If final price of Sony ADRs is greater than or equal to step level, par plus 4.52%; if final ADR price is greater than or equal to initial ADR price but less than step level, par; if final ADR price is less than initial ADR price, one-to-one exposure to decline
|
| Initial share price: | $18.09, equal to volume-weighted average price on pricing date
|
| Step level: | $19.54, 108% of initial price
|
| Pricing date: | April 24
|
| Settlement date: | May 1
|
| Underwriter: | BofA Merrill Lynch
|
| Fees: | 1.75%
|
| Cusip: | 78011X308
|
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