New Issue: RBC prices $52,000 12.25% reverse convertibles linked to Frontier Oil

By Angela McDaniels

Tacoma, Wash., April 19 - Royal Bank of Canada priced $52,000 of 12.25% annualized reverse convertible notes due Oct. 20, 2010 linked to the common stock of Frontier Oil Corp., according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Frontier Oil shares fall below the protection price - 80% 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 Frontier Oil 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:	Frontier Oil Corp. (Symbol: FTO)
Amount:	$52,000
Maturity:	Oct. 20, 2010
Coupon:	12.25%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Frontier Oil shares fall below the protection price during the life of the notes and finish below the initial price, in which case Frontier Oil shares equal to $1,000 principal amount divided by the initial price
Initial price:	$13.46
Protection price:	$10.77, 80% of initial price
Pricing date:	April 15
Settlement date:	April 20
Agent:	RBC Capital Markets Corp.
Fees:	1.75%
Cusip:	78008HQ37

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