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RBC plans 7.5%-9.5% trigger phoenix autocallables linked to Cisco
By Susanna Moon
Chicago, March 14 - Royal Bank of Canada plans to price trigger phoenix autocallable optimization securities due March 21, 2013 linked to Cisco Systems Inc. shares, according to an FWP filing with the Securities and Exchange Commission.
If Cisco stock closes at or above the 75% trigger level on a quarterly observation date, the issuer will pay a contingent coupon of 7.5% to 9.5% annualized for that quarter. The exact rate will be set at pricing.
If the shares close at or above the initial price on a quarterly observation date, the notes will be called at par of $10 plus the contingent coupon.
If the notes are not called and Cisco shares finish at or above the trigger price, the payout at maturity will be par plus the contingent coupon.
Otherwise, investors will be fully exposed to any losses.
UBS Financial Services Inc. and RBC Capital Markets, LLC are the underwriters.
The notes will price on March 16 and settle on March 21.
The Cusip is 78008C861.
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