Published on 9/17/2013 in the Prospect News Structured Products Daily.
New Issue: RBC prices $94,000 10.75% reverse convertibles linked to Valero Energy
By Susanna Moon
Chicago, Sept. 17 - Royal Bank of Canada priced $94,000 of 10.75% reverse convertible notes due March 18, 2014 linked to Valero Energy Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Valero Energy shares fall below the protection price, 80% of the initial price, during the life of the notes and finish below the initial price in which case the payout will be a number of Valero Energy shares equal to $1,000 principal amount divided by the initial price.
RBC Capital Markets Corp. is the agent.
Issuer: | Royal Bank of Canada
|
Issue: | Reverse convertible notes
|
Underlying stock: | Valero Energy Corp. (Symbol: VLO)
|
Amount: | $94,000
|
Maturity: | March 18, 2014
|
Coupon: | 10.75%, payable monthly
|
Price: | Par
|
Payout at maturity: | Par in cash unless Valero Energy shares ever dip below the protection price and finish below the initial price, in which case Valero Energy shares equal to $1,000 principal amount divided by the initial price
|
Initial price: | $35.05
|
Protection price: | $28.04, 80% of initial price
|
Pricing date: | Sept. 13
|
Settlement date: | Sept. 18
|
Agent: | RBC Capital Markets Corp.
|
Fees: | 2%
|
Cusip: | 78010UCN5
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.