Published on 3/6/2012 in the Prospect News Structured Products Daily.
New Issue: RBC prices $2.27 million 10.13% airbag yield optimization notes on Elan
By Marisa Wong
Madison, Wis., March 6 - Royal Bank of Canada priced $2.27 million of 10.13% annualized airbag yield optimization notes due Sept. 10, 2012 linked to the American Depositary Shares of Elan Corp., plc, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless the final ADS price is less than the conversion price, in which case the payout will be a number of Elan ADSs equal to $1,000 divided by the conversion price. The conversion price is equal to 80% of the initial ADS price.
UBS Financial Services Inc. and RBC Capital Markets, LLC are the underwriters.
Issuer: | Royal Bank of Canada
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Issue: | Airbag yield optimization notes
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Underlying ADSs: | Elan Corp., plc (Symbol: ELN)
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Amount: | $2,272,000
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Maturity: | Sept. 10, 2012
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Coupon: | 10.13% per year, payable monthly
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Price: | Par
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Payout at maturity: | Par unless final ADS price is less than conversion price, in which case a number of Elan ADSs equal to $1,000 divided by conversion price
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Initial price: | $12.79
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Conversion price: | $10.23, 80% of initial price
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Pricing date: | March 2
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Settlement date: | March 7
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Agents: | UBS Financial Services Inc. and RBC Capital Markets, LLC
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Fees: | 1%
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Cusip: | 78008C804
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