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RBC plans contingent income autocallable notes linked to Valero Energy
By Toni Weeks
San Luis Obispo, Calif., July 23 – Royal Bank of Canada plans to price contingent income autocallable securities due Aug. 8, 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 9.45% if Valero Energy shares close at or above the downside threshold level, 80% of the initial share price, on a determination date for that quarter.
The notes will be called at par of $10 plus the contingent coupon if Valero Energy shares close at or above the initial share price on any of the first three determination dates.
If the stock finishes at or above the downside threshold level, the payout at maturity will be par plus the contingent coupon.
Otherwise, investors will receive a number of Valero Energy shares equal to $10 divided by the initial share 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 July 31 and settle Aug. 5.
The Cusip number is 78013D466.
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