Published on 11/8/2011 in the Prospect News Structured Products Daily.
New Issue: RBC prices $1.62 million 11.66% airbag yield optimization notes linked to Las Vegas Sands
By Angela McDaniels
Tacoma, Wash., Nov. 8 - JPMorgan Chase & Co. priced $1.62 million of 11.66% annualized airbag yield optimization notes due May 11, 2012 linked to the common stock of Las Vegas Sands Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless the final share price is less than the conversion price, in which case the payout will be a number of Las Vegas Sands shares equal to $1,000 divided by the conversion price. The conversion price is 75% of the initial share price.
UBS Financial Services Inc. and RBC Capital Markets, LLC are the underwriters.
Issuer: | Royal Bank of Canada
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Issue: | Airbag yield optimization notes
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Underlying stock: | Las Vegas Sands Corp. (Symbol: LVS)
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Amount: | $1,618,000
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Maturity: | May 11, 2012
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Coupon: | 11.66%, payable monthly
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Price: | Par
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Payout at maturity: | If final share price is less than conversion price, 27.7546 Las Vegas Sands shares; otherwise, par
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Initial share price: | $48.04
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Conversion price: | $36.03, 75% of initial share price
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Pricing date: | Nov. 4
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Settlement date: | Nov. 9
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Underwriters: | UBS Financial Services Inc. and RBC Capital Markets, LLC
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Fees: | 1%
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Cusip: | 78010W467
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