Published on 4/17/2012 in the Prospect News Structured Products Daily.
New Issue: RBC prices $57,000 10% reverse convertibles linked to Cummins
New York, April 17 - Royal Bank of Canada priced $57,000 of 10% reverse convertible notes due Oct. 17, 2012 linked to Cummins Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Cummins shares fall below the protection price of $91.22, 80% of the initial price of $114.02, during the life of the notes and finish below the initial price in which case the payout will be Cummins 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: | Cummins Inc. (Symbol: CMI)
|
Amount: | $57,000
|
Maturity: | Oct. 17, 2012
|
Coupon: | 10%, payable monthly
|
Price: | Par
|
Payout at maturity: | Par in cash unless Cummins shares fall below the protection price of $91.22, 80% of the initial price, and finish below the initial price, in which case Cummins shares equal to $1,000 principal amount divided by the initial price
|
Initial price: | $114.02
|
Protection price: | $91.22, 80% of $114.02
|
Pricing date: | April 13
|
Settlement date: | April 18
|
Agent: | RBC Capital Markets Corp.
|
Fees: | 2%
|
Cusip: | 78008T3V4
|
© 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.