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RBC plans 9% six-month reverse convertibles linked to Valero
By Jennifer Chiou
New York, Oct. 4 - Royal Bank of Canada plans to price 9% annualized reverse convertible notes due April 16, 2014 linked to Valero Energy Corp. shares, according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par unless Valero stock falls below the 80% barrier level during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Valero shares equal to $1,000 divided by the initial share price or, at RBC's option, the cash value.
The notes (Cusip: 78010UGH4) will price on Oct. 11 and settle on Oct. 17.
RBC Capital Markets LLC is the agent.
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