Published on 7/15/2014 in the Prospect News Structured Products Daily.
New Issue: RBC prices $4.65 million 8.59% airbag autocallable yield notes linked to Stratasys
By Susanna Moon
Chicago, July 15 – Royal Bank of Canada priced $4.65 million of 8.59% airbag autocallable yield optimization notes due July 17, 2015 linked to Stratasys Ltd. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The notes will be called at par plus accrued interest if Stratasys stock closes at or above the initial share price on any quarterly observation date.
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 Stratasys shares equal to $1,000 divided by the conversion price. The conversion price is 80% of the initial share price.
RBC Capital Markets, LLC is the agent, and UBS Financial Services Inc. is the dealer.
Issuer: | Royal Bank of Canada
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Issue: | Airbag autocallable yield optimization notes
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Underlying stock: | Stratasys Ltd. (Symbol: SSYS)
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Amount: | $4,651,000
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Maturity: | July 17, 2015
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Coupon: | 8.59%, payable monthly
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Price: | Par
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Payout at maturity: | If final price is less than conversion price, Stratasys shares equal to $1,000 divided by the conversion price; otherwise, par
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Call: | At par if Stratasys shares close at or above initial share price on any quarterly observation date
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Initial price: | $104.37
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Conversion price: | $83.50, 80% of initial price
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Pricing date: | July 11
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Settlement date: | July 16
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Underwriters: | UBS Financial Services Inc. and RBC Capital Markets, LLC
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Fees: | 1.5%
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Cusip: | 78011Q824
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