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RBC plans to price 8% STEP Income Securities linked to Intel
By Marisa Wong
Morgantown, W.Va., Nov. 11 – Royal Bank of Canada plans to price 8% STEP Income Securities due December 2017 linked to the common stock of Intel Corp., according to an FWP filing with the Securities and Exchange Commission.
Interest is payable quarterly.
If the final price of Intel stock is greater than or equal to the step level, 108% of the initial share price, the payout at maturity will be par of $10 plus the step payment, which is expected to be 1% to 5% and will be set at pricing.
If the final share price is greater than or equal to the initial share price but less than the step level, investors will receive par.
If the final share price is less than the initial share price, investors will be fully exposed to the decline.
BofA Merrill Lynch is the agent.
The notes will price and settle in November.
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