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RBC ups coupon to 13.5% for planned reverse convertibles linked to Chevron
By Jennifer Chiou
New York, Oct. 17 - Royal Bank of Canada increased the coupon to 13.5% from 10% for its planned issue of reverse convertible notes due Oct. 30, 2009 linked to the common stock of Chevron Corp., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
If Chevron stock falls below the knock-in price - 80% of the initial share price - during the life of the notes and finishes below the initial price, the payout at maturity will be a number of Chevron shares equal to par divided by the initial price, or the equivalent value of the shares in cash, at the issuer's option.
Otherwise, the payout will be par.
The notes will price on Oct. 28 and settle on Oct. 31.
RBC Capital Markets Corp. will be the agent.
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