Published on 3/18/2013 in the Prospect News Structured Products Daily.
New Issue: RBC prices $25,000 9% reverse convertibles linked to Hewlett-Packard
New York, March 18 - Royal Bank of Canada priced $25,000 of 9% reverse convertible notes due Sept. 19, 2013 linked to Hewlett-Packard Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Hewlett-Packard shares fall below the protection price of $17.54, 80% of the initial price of $21.93, during the life of the notes and finish below the initial price in which case the payout will be Hewlett-Packard 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: | Hewlett-Packard Co. (Symbol: HPQ)
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Amount: | $25,000
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Maturity: | Sept. 19, 2013
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Coupon: | 9%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Hewlett-Packard shares fall below the protection price of $17.54, 80% of the initial price, and finish below the initial price, in which case Hewlett-Packard shares equal to $1,000 principal amount divided by the initial price
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Initial price: | $21.93
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Protection price: | $17.54, 80% of $21.93
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Pricing date: | March 14
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Settlement date: | March 19
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Agent: | RBC Capital Markets Corp.
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Fees: | 2%
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Cusip: | 78008SC53
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