Published on 8/30/2010 in the Prospect News Structured Products Daily.
New Issue: RBC prices $1.04 million 18.5% reverse convertibles linked to KeyCorp
New York, Aug. 30 - Royal Bank of Canada priced $1.043 million of 18.5% reverse convertible notes due Nov. 30, 2010 linked to KeyCorp shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless KeyCorp shares fall below the protection price of $5.87, 80% of the initial price of $7.34, during the life of the notes and finish below the initial price in which case the payout will be KeyCorp 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: | KeyCorp (Symbol: KEY)
|
Amount: | $1.043 million
|
Maturity: | Nov. 30, 2010
|
Coupon: | 18.5%, payable monthly
|
Price: | Par
|
Payout at maturity: | Par in cash unless KeyCorp shares fall below the protection price of $5.87, 80% of the initial price, and finish below the initial price, in which case KeyCorp shares equal to $1,000 principal amount divided by the initial price
|
Initial price: | $7.34
|
Protection price: | $5.87, 80% of $7.34
|
Pricing date: | Aug. 26
|
Settlement date: | Aug. 31
|
Agent: | RBC Capital Markets Corp.
|
Fees: | 1.5%
|
Cusip: | 78008KGR8
|
© 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.