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RBC to price 14% STEP Income securities linked to Delta Air Lines
By Jennifer Chiou
New York, Sept. 14 - Royal Bank of Canada plans to price 14% STEP Income Securities due October 2013 linked to the common stock of Delta Air Lines Inc., according to an FWP with the Securities and Exchange Commission.
Bank of America Merrill Lynch is the agent.
Interest will be payable quarterly.
If the final price of Delta Air Lines stock is greater than or equal to the step level, the payout at maturity will be par of $10 plus the step payment. The step level will be 114% of the initial share price. The step payment is expected to be 1% to 5% and will be set at pricing.
If the final share price is greater than or equal to initial share price but less than the step level, investors will receive par.
If the final share price is less than the initial share price, investors will be fully exposed to the decline.
The notes are expected to price and settle in October.
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