Published on 12/15/2011 in the Prospect News Structured Products Daily.
New Issue: RBC prices $111,000 12.2% reverse convertibles linked to Deere
New York, Dec. 15 - Royal Bank of Canada priced $111,000 of 12.2% reverse convertible notes due June 18, 2012 linked to Deere & Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Deere shares fall below the protection price of $63.94, 85% of the initial price of $75.22, during the life of the notes and finish below the initial price in which case the payout will be Deere 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: | Deere & Co. (Symbol: DE)
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Amount: | $111,000
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Maturity: | June 18, 2012
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Coupon: | 12.2%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Deere shares fall below the protection price of $63.94, 85% of the initial price, and finish below the initial price, in which case Deere shares equal to $1,000 principal amount divided by the initial price
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Initial price: | $75.22
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Protection price: | $63.94, 85% of $75.22
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Pricing date: | Dec. 13
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Settlement date: | Dec. 16
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Agent: | RBC Capital Markets Corp.
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Fees: | 2%
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Cusip: | 78008TB94
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