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RBC plans autocallable access notes linked to S&P 500 via Wells Fargo
By Susanna Moon
Chicago, July 16 - Royal Bank of Canada plans to price 0% autocallable access securities with fixed percentage buffered downside due Aug. 4, 2014 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Wells Fargo Securities, LLC is the agent.
The notes will be called at par plus a call premium if the index closes at or above the initial price on any of three call dates. The call premium will be 7% to 9% if the notes are called on Aug. 2, 2013, 10.5% to 13.5% if called on Feb. 3, 2014 and 14% to 18% if called on July 28, 2014.
If the notes are not called and the index finishes at or above 90% of the initial price, the payout at maturity will be par.
Otherwise, investors will lose 1% for every 1% decline beyond the 10% buffer.
The notes will price in July and settle in August.
The Cusip number is 78008SDN3.
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