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RBC plans to price two-year autocallable access notes tied to S&P 500
By Susanna Moon
Chicago, Dec. 9 - Royal Bank of Canada plans to price 0% autocallable access securities with fixed percentage buffered downside due Jan. 3, 2014 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Wells Fargo Securities, LLC is the underwriter.
The notes will be called at par plus a call premium if the index closes at or above the initial level on any of three call dates. The call premium is 7% to 9% if the notes are called Jan. 3, 2013, 10.5% to 13.5% if they are called July 3, 2013 and 14% to 18% if they are called Dec. 26, 2013.
If the notes are not called and the index finishes at or above 90% of the initial level, the payout at maturity will be par.
Otherwise, investors will lose 1% for every 1% decline beyond 10%.
The notes will settle in January.
The Cusip is 78008TZV9.
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