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RBC plans 6.5%-8.5% airbag yield optimization notes linked to Vertex
By Angela McDaniels
Tacoma, Wash., Aug. 21 - Royal Bank of Canada plans to price 6.5% to 8.5% annualized airbag yield optimization notes due Feb. 28, 2014 linked to the common stock of Vertex Pharmaceuticals Inc., according to an FWP filing with the Securities and Exchange Commission.
Interest will be 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 Vertex 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 Aug. 23 and settle Aug. 30.
The Cusip number is 78009Q307.
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