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RBC plans to price 10% reverse convertible notes linked to Tesoro
By Jennifer Chiou
New York, Nov. 20 - Royal Bank of Canada plans to price 10% annualized reverse convertible notes due Feb. 28, 2014 linked to the common stock of Tesoro Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
The payout at maturity will be par unless Tesoro stock falls below the barrier price, 80% of the initial share price, during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Tesoro shares equal to $1,000 divided by the initial share price or, at RBC's option, the value of those shares in cash.
The notes (Cusip: 78010UJR9) are expected to price on Nov. 26 and settle on Nov. 29.
RBC Capital Markets LLC will be the agent.
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