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RBC plans contingent income autocallable notes linked to Valero Energy
By Susanna Moon
Chicago, Jan. 16 – Royal Bank of Canada plans to price contingent income autocallable securities due Jan. 28, 2016 linked to Valero Energy Corp. shares, according to an FWP filing with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 13% if the shares close at or above the 75% barrier level on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if the stock closes at or above the initial price on any of the first three determination dates.
The payout at maturity will be par plus the final coupon unless the shares finish below the 75% trigger level, in which case investors will receive a number of Valero Energy shares equal to $10 divided by the initial price or, at the issuer’s option, the cash equivalent.
RBC Capital Markets, LLC is the agent with Morgan Stanley Wealth Management handling distribution.
The notes will price on Jan. 23 and settle on Jan. 28.
The Cusip number is 780082277.
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