Published on 8/20/2013 in the Prospect News Structured Products Daily.
New Issue: RBC prices $4.6 million airbag autocallables linked to Western Refining
By Susanna Moon
Chicago, Aug. 20 - Royal Bank of Canada priced $4.6 million of 9% airbag autocallable yield optimization notes due Aug. 22, 2014 linked to Western Refining, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The notes will be called at par plus the coupon if the stock finishes above its initial level on any quarterly observation date.
The payout at maturity will be par unless the final share price is less than the conversion price, in which case the payout will be a number of Western Refining shares equal to $1,000 divided by the conversion price. The conversion price is 80% of the initial share price.
UBS Financial Services Inc. and RBC Capital Markets, LLC is the agent.
Issuer: | Royal Bank of Canada
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Issue: | Airbag autocallable yield optimization notes
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Underlying stock: | Western Refining, Inc. (Symbol: WNR)
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Amount: | $4,595,000
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Maturity: | Aug. 22, 2014
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Coupon: | 9%, payable monthly
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Price: | Par
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Payout at maturity: | If final share price is less than conversion price, number of Western Refining shares equal to $1,000 divided by conversion price; otherwise, par
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Call: | At par plus coupon if stock finishes above initial level on any quarterly observation date
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Initial share price: | $29.75
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Conversion price: | $23.80, 80% of initial price
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Pricing date: | Aug. 16
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Settlement date: | Aug. 21
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Underwriters: | UBS Financial Services Inc. and RBC Capital Markets, LLC
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Fees: | 1.5%
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Cusip: | 78009Q240
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