RBC plans contingent income autocallables tied to Las Vegas Sands

By Toni Weeks

San Diego, Jan. 4 - Royal Bank of Canada plans to price contingent income autocallable securities due January 2014 linked to Las Vegas Sands Corp. stock, according to an FWP filing with the Securities and Exchange Commission.

If Las Vegas Sands stock closes at or above the 70% downside threshold level on a quarterly determination date, the notes will pay a contingent payment of 3% to 3.5% for that quarter. The exact contingent payment will be set at pricing.

If Las Vegas Sands stock closes at or above the initial share price on any of the first three quarterly determination dates, the notes will be redeemed at par plus the contingent payment.

If Las Vegas Sands stock finishes at or above the downside threshold level, the payout at maturity will be par plus the contingent quarterly payment.

Otherwise, investors will receive a number of shares of Las Vegas Sands stock equal to $10 divided by the initial share price or, at the issuer's option, the cash equivalent.

The notes (Cusip: 78008W792) are expected to price Jan. 22 and settle three days after that.

The agent is RBC Capital Markets, LLC with Morgan Stanley Smith Barney LLC handling distribution.

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