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RBC plans 11% one-year STEP Income Securities linked to Whirlpool
By Susanna Moon
Chicago, July 8 - Royal Bank of Canada plans to price 11% STEP Income Securities due July 2014 linked to Whirlpool Corp. shares, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
If Ford stock finishes at or above the step level - 111% of the initial price - the payout at maturity will be par of $10 plus a step payment of 1% to 5%. The exact percentage will be set at pricing.
If the stock finishes below the step level but at or above its initial level, the payout will be par.
Otherwise, investors will be exposed to any losses.
BofA Merrill Lynch is the agent.
The notes will price and settle in July.
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