RBC to price 6%-8% airbag autocallables linked to Valero

By Angela McDaniels

Tacoma, Wash., June 12 - Royal Bank of Canada plans to price 6% to 8% airbag autocallable yield optimization notes due June 20, 2014 linked to the common stock of Valero Energy Corp., according to an FWP filing with the Securities and Exchange Commission.

Interest will be payable monthly. The exact interest rate will be set at pricing.

The notes will be called automatically at par if Valero shares close at or above the initial share price on Sept. 17, 2013, Dec. 17, 2013, March 17, 2014 or June 16, 2014.

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 Valero shares equal to $1,000 divided by the conversion price. The conversion price will be 80% of the initial share price.

UBS Financial Services Inc. and RBC Capital Markets, LLC are the underwriters.

The notes are expected to price June 14 and settle June 20.

The Cusip number is 78008Y731.

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