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RBC plans 6%-8% airbag optimization notes on Cypress Semiconductor
By Toni Weeks
San Diego, Jan. 15 - Royal Bank of Canada plans to price 6% to 8% annualized airbag yield optimization notes due July 24, 2013 linked to Cypress Semiconductor Corp. shares, according to an FWP with the Securities and Exchange Commission.
Interest will be payable monthly. The exact coupon will be set at pricing.
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 Cypress Semiconductor shares equal to $1,000 divided by the conversion price. The conversion price will be 80% of the initial share price.
The notes (Cusip: 78008W867) are expected to price Jan. 18 and settle Jan. 24.
UBS Financial Services Inc. and RBC Capital Markets LLC are the underwriters.
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