By E. Janene Geiss
Philadelphia, April 27 - Royal Bank of Canada priced $517,000 of 11.65% reverse convertible notes due April 30, 2008 linked to NYSE Euronext stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if NYSE Euronext stock stays at or above the protection price, 70% of the initial share price of $86.43, during the life of the notes and finishes at or above the initial share price.
Otherwise, the payout will be in NYSE Euronext stock, with the number of shares equal to $1,000 divided by the initial share 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: | NYSE Euronext
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Amount: | $517,000
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Maturity: | April 30, 2008
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Coupon: | 11.65%
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Price: | Par
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Payout at maturity: | Par in cash if NYSE Euronext stock stays at or above the protection price of $60.50 during the life of the notes and finishes at or above the initial share price; otherwise, 11.570 NYSE Euronext shares
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Initial share price: | $86.43
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Protection price: | $60.50, 70% of $86.43
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Pricing date: | April 25
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Settlement date: | April 30
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Agent: | RBC Capital Markets Corp.
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Agent's fee: | 2%
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