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RBC plans to price phoenix autocallables linked to General Motors
By Angela McDaniels
Tacoma, Wash., March 24 – Royal Bank of Canada plans to price phoenix autocallable notes due April 13, 2016 linked to the common stock of General Motors Co., according to an FWP filing with the Securities and Exchange Commission.
Each quarter, the issuer will pay a contingent coupon at the rate of 9.25% per year if General Motors shares close at or above the barrier price, 80% of the initial share price, on the observation date for that quarter.
The notes will be called at par plus the contingent coupon if the stock closes at or above the initial share price on any quarterly observation date other than the final observation date.
If the notes are not called and the shares finish at or above the barrier price, the payout at maturity will be par plus the contingent coupon. Otherwise, investors will lose 1% for every 1% that the final share price is less than the initial share price.
RBC Capital Markets, LLC is the underwriter with JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC as placement agents.
The notes will price March 27 and settle March 31.
The Cusip number is 78012KCU9.
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