Published on 2/13/2009 in the Prospect News Structured Products Daily.
New Issue: RBC prices $0.081 million 12.5% reverse convertibles linked to Chevron
New York, Feb. 13 - Royal Bank of Canada priced $0.081 million of 12.5% reverse convertible notes due Aug. 18, 2009 linked to Chevron Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Chevron shares fall below the protection price of $52.40, 75% of the initial price of $69.86, during the life of the notes and finish below the initial price in which case the payout will be Chevron shares equal to $1,000 principal amount divided by the initial price.
RBC Capital Markets Corp. is the agent.
Issuer: | Royal Bank of Canada
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Issue: | Reverse convertible notes
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Underlying stock: | Chevron Corp. (Symbol: CVX)
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Amount: | $0.081 million
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Maturity: | Aug. 18, 2009
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Coupon: | 12.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Chevron shares fall below the protection price of $52.40, 75% of the initial price, and finish below the initial price, in which case Chevron shares equal to $1,000 principal amount divided by the initial price
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Initial price: | $69.86
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Protection price: | $52.40, 75% of $69.86
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Pricing date: | Feb. 12
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Settlement date: | Feb. 18
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Agent: | RBC Capital Markets Corp.
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Fees: | 1.5%
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