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RBC calls $3.5 million GE-linked autocallable optimization securities
By Devika Patel
Knoxville, Tenn., April 15 - Royal Bank of Canada said it will redeem all $3.5 million of its 0% autocallable optimization securities with contingent protection due March 15, 2011 on April 14. The securities are linked to the common stock of General Electric Co.
Prospect News reported at pricing that the securities were subject to an automatic call if GE stock closed at or above the initial share price of $16.49 on certain observation dates which included April 9. On April 9, GE's stock (NYSE: GE) closed at $18.52.
At pricing, on March 9, the company said that holders of the called securities will receive par of $10 plus an annualized call premium of 16.8%.
The Bank of New York Mellon Trust Co., NA (800 254-2826) is the trustee.
The securities were sold in March.
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