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RBC plans 16.5% to 19.5% reverse convertibles linked to Halliburton
By Jennifer Chiou
New York, May 14 - Royal Bank of Canada plans to price 16.5% to 19.5% annualized reverse convertible notes due Sept. 10, 2010 linked to the common stock of Halliburton Co., according to an FWP filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par unless Halliburton stock falls below the barrier price - 70% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Halliburton shares equal to $1,000 divided by the initial share price or, at RBC's option, the value of those shares in cash.
The notes are expected to price on June 4 and settle on June 9.
RBC Capital Markets Corp. is the agent.
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