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RBC aims to price market-linked step up notes on common stock basket
By Devika Patel
Knoxville, Tenn., Jan. 13 – Royal Bank of Canada plans to price two-year 0% market-linked step up notes due January 2019 linked to a basket of three telecommunications sector common stocks, according to an FWP filing with the Securities and Exchange Commission.
The basket is comprised of the stocks of CenturyLink Inc., AT&T Inc. and Verizon Communications Inc.
If the basket finishes at or above the initial level, the payout at maturity will be par of $10 plus the greater of the step up payment and the basket return. The step up payment is expected to be 24% to 30% and will be set at pricing.
Investors will lose 1% for each 1% basket decline.
RBC Capital Markets, LLC is the agent.
The notes will price in January and settle in February.
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