New Issue: RBC prices $0.19 million 20.5% reverse convertibles linked to Devon Energy

New York, April 15 - Royal Bank of Canada priced $0.19 million of 20.5% reverse convertible notes due July 17, 2009 linked to Devon Energy Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Devon Energy shares fall below the protection price of $37.31, 75% of the initial price of $49.74, during the life of the notes and finish below the initial price in which case the payout will be Devon Energy 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:	Devon Energy Corp. (Symbol: DVN)
Amount:	$0.19 million
Maturity:	July 17, 2009
Coupon:	20.5%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Devon Energy shares fall below the protection price of $37.31, 75% of the initial price, and finish below the initial price, in which case Devon Energy shares equal to $1,000 principal amount divided by the initial price
Initial price:	$49.74
Protection price:	$37.31, 75% of $49.74
Pricing date:	April 14
Settlement date:	April 17
Agent:	RBC Capital Markets Corp.
Fees:	1.5%

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