Published on 6/20/2011 in the Prospect News Structured Products Daily.
New Issue: RBC prices $62,000 17.25% reverse convertibles linked to Northern Oil
New York, June 20 - Royal Bank of Canada priced $62,000 of 17.25% reverse convertible notes due Sept. 20, 2011 linked to Northern Oil and Gas, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Northern Oil shares fall below the protection price of $14.41, 75% of the initial price of $19.21, during the life of the notes and finish below the initial price in which case the payout will be Northern Oil 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: | Northern Oil and Gas, Inc. (Symbol: NOG)
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Amount: | $62,000
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Maturity: | Sept. 20, 2011
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Coupon: | 17.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Northern Oil shares fall below the protection price of $14.41, 75% of the initial price, and finish below the initial price, in which case Northern Oil shares equal to $1,000 principal amount divided by the initial price
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Initial price: | $19.21
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Protection price: | $14.41, 75% of $19.21
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Pricing date: | June 15
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Settlement date: | June 20
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Agent: | RBC Capital Markets Corp.
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Fees: | 1.5%
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Cusip: | 78008TFT6
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