Published on 6/10/2011 in the Prospect News Structured Products Daily.
New Issue: RBC prices $500,000 20.9% reverse convertibles linked to Finisar
New York, June 10 - Royal Bank of Canada priced $500,000 of 20.9% reverse convertible notes due Sept. 13, 2011 linked to Finisar Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Finisar shares fall below the protection price of $14.05, 75% of the initial price of $18.73, during the life of the notes and finish below the initial price in which case the payout will be Finisar 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: | Finisar Corp. (Symbol: FNSR)
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Amount: | $500,000
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Maturity: | Sept. 13, 2011
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Coupon: | 20.9%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Finisar shares fall below the protection price of $14.05, 75% of the initial price, and finish below the initial price, in which case Finisar shares equal to $1,000 principal amount divided by the initial price
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Initial price: | $18.73
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Protection price: | $14.05, 75% of $18.73
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Pricing date: | June 8
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Settlement date: | June 13
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Agent: | RBC Capital Markets Corp.
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Fees: | 1.25%
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Cusip: | 78008TGN8
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