New Issue: RBC sells $1.1 million 12.25% reverse convertibles linked to Citigroup

By Susanna Moon

Chicago, April 15 - Royal Bank of Canada priced $1.1 million of 12.25% annualized reverse convertible notes due Oct. 19, 2010 based on the performance of Citigroup Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless the stock falls below the barrier price - 75% of the initial price - during the life of the notes and finish below the initial price, in which case the payout will be a number of Citigroup 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:	Citigroup Inc (Symbol: C)
Amount:	$1.1 million
Maturity:	Oct. 19, 2010
Coupon:	12.25%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless the stock falls below the barrier price and finishes below the initial price, in which case 202.8398 Citigroup shares
Initial price:	$4.93
Barrier price:	$3.70, 75% of initial price
Pricing date:	April 14
Settlement date:	April 19
Agent:	RBC Capital Markets Corp.
Fees:	2%
Cusip:	78008HS50

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