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RBC plans one-year 7% STEP Income notes linked to Deere via Merrill
By Susanna Moon
Chicago, Oct. 3 - Royal Bank of Canada plans to price 7% STEP Income Securities due October 2013 linked to Deere & Co. shares, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable quarterly.
If the price of Deere shares finishes at or above the step level - 107% of the initial price - the payout at maturity will be par of $10 plus a step payment of 1% to 5% with the exact rate to be set at pricing.
If the stock finishes at or above the initial share price but below the step level, the payout will be par.
Investors will be exposed to any losses.
Bank of America Merrill Lynch is the agent.
The notes will price and settle in October.
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