Published on 11/19/2013 in the Prospect News Structured Products Daily.
New Issue: RBC prices $2.23 million airbag yield optimization notes linked to Nuance Communications
New York, Nov. 19 - Royal Bank of Canada priced $2,233,000 of 8.3% annualized airbag yield optimization notes due May 21, 2014 linked to the common stock of Nuance Communications, Inc., 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 Nuance Communications shares equal to $1,000 divided by the conversion price. The conversion price is 80% of the initial share price.
UBS Financial Services Inc. and RBC Capital Markets, LLC is the agent.
Issuer: | Royal Bank of Canada
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Issue: | Airbag yield optimization notes
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Underlying stock: | Nuance Communications, Inc. (Symbol: NUAN)
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Amount: | $2,233,000
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Maturity: | May 21, 2014
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Coupon: | 8.3% annualized, payable monthly
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Price: | Par
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Payout at maturity: | If final share price is less than conversion price, number of Nuance Communications shares equal to $1,000 divided by conversion price; otherwise, par
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Initial share price: | $16.28
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Conversion price: | $13.02, 80% of initial price
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Pricing date: | Nov. 15
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Settlement date: | Nov. 20
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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: | 78010Y117
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