New Issue: RBC prices $311,000 11% reverse convertibles linked to First Solar

By Jennifer Chiou

New York, March 17 - Royal Bank of Canada priced $311,000 of 11% annualized reverse convertible notes due June 18, 2010 linked to the common stock of First Solar, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless First Solar shares fall below the protection price - 75% of the initial share price - during the life of the notes and finish below the initial price, in which case the payout will be a number of First Solar 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:	First Solar, Inc. (Symbol: FSLR)
Amount:	$311,000
Maturity:	June 18, 2010
Coupon:	11%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless First Solar shares fall below the protection price during the life of the notes and finish below the initial price, in which case First Solar shares equal to $1,000 divided by the initial price
Initial price:	$114.92
Protection price:	$86.19, 75% of initial price
Pricing date:	March 15
Settlement date:	March 18
Agent:	RBC Capital Markets Corp.
Fees:	1.5%
Cusip:	78008HZQ6

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