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RBC plans 37.9% reverse convertibles linked to Fannie Mae
By Laura Lutz
Des Moines, Dec. 10 - Royal Bank of Canada plans to price an issue of 37.9% reverse convertible notes due March 31, 2008 linked to the common stock of Fannie Mae, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
If Fannie Mae stock falls below the knock-in price - 75% of the initial share price - during the life of the notes and finishes below the initial price, the payout at maturity will be a number of Fannie Mae shares equal to par divided by the initial price.
Otherwise, the payout will be par.
The notes will price on Dec. 27 and settle on Dec. 31.
RBC Capital Markets Corp. will be the agent.
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