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RBC to price phoenix autocallable notes due 2016 linked to GM
By Jennifer Chiou
New York, Feb. 18 – Royal Bank of Canada plans to price phoenix autocallable notes due March 9, 2016 linked to General Motors Co. shares, according to an FWP with the Securities and Exchange Commission.
The notes will pay a contingent quarterly coupon at an annual rate of 10.8% if the stock closes at or above the coupon barrier, 80% of the initial share price, on the observation date for that quarter.
The notes will be called at par if GM shares close at or above the initial share price on any of the first three quarterly observation dates beginning on June 4, 2015.
The payout at maturity will be par unless the stock finishes below the 80% trigger level, in which case investors will be fully exposed to any losses.
The notes (Cusip: 78012KBT3) will price on Feb. 20 and settle on Feb. 25.
RBC Capital Markets, LLC is the underwriter with JPMorgan Chase Bank, NA and J.P. Morgan Securities LLC as placement agents.
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