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RBC to price Stars due November 2015 linked to S&P 500 index
By Jennifer Chiou
New York, Sept. 25 – Royal Bank of Canada plans to price 0% Strategic Accelerated Redemption Securities due November 2015 linked to the S&P 500 index, according to an FWP with the Securities and Exchange Commission.
If the index closes at or above its initial level on any quarterly observation date, the notes will be called at par of $10 plus an annualized call premium of 6% to 10%. The exact call premium will be determined at pricing.
If the notes are not called and the index finishes at or above the initial value, the payout at maturity will be par.
Otherwise, investors will be exposed to any losses.
The notes will price in October and settle in November.
BofA Merrill Lynch is the agent.
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