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RBC plans autocallable access notes tied to SPDR S&P Metals & Mining
By Marisa Wong
Madison, Wis., Sept. 6 - Royal Bank of Canada plans to price autocallable access securities with fixed percentage buffered downside due Oct. 3, 2013 linked to the SPDR S&P Metals & Mining exchange-traded fund via Wells Fargo Securities, LLC, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be automatically called at par plus a premium if the fund's closing share price is greater than the initial share price on any of the call dates. The premium is 8% to 10% for the first call date of Oct. 3, 2012, 12% to 15% for the second call date of April 3, 2013 and 16% to 20% for the final call date of Sept. 26, 2013. The exact call premium will be determined at pricing.
If the notes are not called and the fund's final share price is at least 90% of the initial price, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the fund declines beyond 10%.
The notes (Cusip: 78008TRZ9) are expected to price in September and settle in October.
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