Published on 12/17/2013 in the Prospect News Structured Products Daily.
New Issue: RBC prices $176,000 13.25% reverse convertibles linked to Netflix
By Toni Weeks
San Luis Obispo, Calif., Dec. 17 - Royal Bank of Canada priced $176,000 of 13.25% reverse convertible notes due March 18, 2014 linked to Netflix Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Netflix shares fall below the protection price, 75% of the initial price, during the life of the notes and finish below the initial price, in which case the payout will be Netflix shares equal to $1,000 principal amount divided by the initial price.
RBC Capital Markets, LLC is the agent.
Issuer: | Royal Bank of Canada
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Issue: | Reverse convertible notes
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Underlying stock: | Netflix Inc. (Symbol: NFLX)
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Amount: | $176,000
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Maturity: | March 18, 2014
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Coupon: | 13.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Netflix shares fall below the protection price and finish below the initial price, in which case Netflix shares equal to $1,000 principal amount divided by the initial price
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Initial price: | $368.97
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Protection price: | $276.73, 75% of initial price
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Pricing date: | Dec. 13
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Settlement date: | Dec. 18
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Agent: | RBC Capital Markets, LLC
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Fees: | 1.75%
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Cusip: | 78010UKQ9
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