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RBC to price 9.5% reverse convertibles linked to Michael Kors
By Angela McDaniels
Tacoma, Wash., Nov. 20 - Royal Bank of Canada plans to price reverse convertible notes due May 29, 2014 linked to the common stock of Michael Kors Holdings Ltd., according to an FWP filing with the Securities and Exchange Commission.
The six-month notes will carry an annualized coupon of 9.5%. Interest will be payable monthly.
The payout at maturity will be par unless Michael Kors stock falls below the barrier price, 80% of the initial share price, during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Michael Kors shares equal to $1,000 divided by the initial share price or, at RBC's option, the value of those shares in cash.
RBC Capital Markets LLC is the agent.
The notes are expected to price Nov. 26 and settle Nov. 29.
The Cusip number is 78010UJV0.
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