RBC plans contingent income autocallables linked to Las Vegas Sands

By Susanna Moon

Chicago, Jan. 9 - Royal Bank of Canada plans to price contingent income autocallable securities due January 2014 linked to Las Vegas Sands Corp. shares, 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.

If Las Vegas Sands stock closes at or above the initial share price on any of the first 11 quarterly determination dates, the notes will be redeemed at par of $10 plus the contingent payment.

The payout at maturity will be par plus the contingent quarterly payment unless Las Vegas Sands stock finishes below the downside threshold level, in which case investors will receive a number of shares equal to $10 divided by the initial share price or, at the issuer's option, the cash equivalent.

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

The notes will price on Jan. 22 and settle three business days later.

The Cusip number is 78008W792.

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