Published on 2/27/2007 in the Prospect News Structured Products Daily.
New Issue: RBC sells $1.524 million 10.5% reverse convertibles linked to Halliburton
By E. Janene Geiss
Philadelphia, Feb. 27 - Royal Bank of Canada priced $1.524 million of 10.5% reverse convertible notes due Feb. 28, 2008 linked to Halliburton Co. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash if Halliburton stock stays at or above the protection price - 80% of the initial share price of $31.55 - during the life of the notes and finishes at or above the initial share price.
Otherwise, the payout will be in Halliburton stock, with the number of shares equal to $1,000 divided by the initial share price.
Issuer: | Royal Bank of Canada
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Issue: | Reverse convertible notes
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Underlying stock: | Halliburton Co.
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Amount: | $1.524 million
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Maturity: | Feb. 28, 2008
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Coupon: | 10.5%, payable quarterly
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Price: | Par
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Payout at maturity: | Par in cash if Halliburton stock stays at or above the protection price of $25.24 and finishes at or above the initial share price; otherwise, 31.696 shares of Halliburton stock
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Initial share price: | $31.55
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Protection price: | $25.24, 80% of $31.55
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Pricing date: | Feb. 23
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Settlement date: | Feb. 28
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Agent: | RBC Capital Markets Corp.
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Agent fees: | 2.5%
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