By Susanna Moon
Chicago, June 18 - Royal Bank of Canada priced $2.61 million of 8.05% airbag autocallable yield optimization notes due June 20, 2014 linked to Valero Energy Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
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 is 80% of the initial share price.
The notes will be called if the stock closed above its initial price on any quarterly observation date.
UBS Financial Services Inc. and RBC Capital Markets, LLC is the agent.
Issuer: | Royal Bank of Canada
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Issue: | Airbag autocallable yield optimization notes
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Underlying stock: | Valero Energy Corp. (Symbol: VLO)
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Amount: | $2.61 million
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Maturity: | June 20, 2014
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Coupon: | 8.05% annualized, payable monthly
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Price: | Par
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Payout at maturity: | If final share price is less than conversion price, number of Valero shares equal to $1,000 divided by conversion price; otherwise, par
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Initial share price: | $38.01
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Conversion price: | $30.41, 80% of initial price
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Call: | If stock closed above initial price on any quarterly observation date
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Pricing date: | June 14
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Settlement date: | June 20
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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: | 78008Y731
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