New Issue: RBC sells $4 million 10% RevCons tied to worst performing of Apple, Microsoft stock

By Marisa Wong

Madison, Wis., March 12 - Royal Bank of Canada priced $4 million of 10% reverse convertible notes due March 13, 2013 linked to the worst performing of Apple Inc. and Microsoft Corp., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

If either stock finishes below its barrier price, 65% of its initial price, then the payout at maturity will be a number of shares of the worst-performing stock equal to $1,000 divided by that stock's initial share price or, at RBC's option, a cash amount equal to the value of those shares. Otherwise, the payout will be par.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Reverse convertible notes
Underlying stocks:	Apple Inc. (Nasdaq: AAPL) and Microsoft Corp. (Nasdaq: MSFT)
Amount:	$4 million
Maturity:	March 13, 2013
Coupon:	10%, payable monthly
Price:	Par
Payout at maturity:	If either stock's final share price is less than its barrier price, a number of shares of the worst-performing stock equal to $1,000 divided by that stock's initial share price or an equivalent amount in cash; otherwise, par
Initial share prices:	$541.99 for Apple and $32.01 for Microsoft
Barrier prices:	$352.29 for Apple and $20.81 for Microsoft; 65% of initial share prices
Pricing date:	March 8
Settlement date:	March 13
Agent:	RBC Capital Markets, LLC
Fees:	0.5%
Cusip:	78008T2H6

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