Published on 4/15/2009 in the Prospect News Structured Products Daily.
New Issue: RBC prices $0.159 million 16% reverse convertibles linked to Home Depot
New York, April 15 - Royal Bank of Canada priced $0.159 million of 16% reverse convertible notes due July 17, 2009 linked to Home Depot, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Home Depot shares fall below the protection price of $19.01, 75% of the initial price of $25.34, during the life of the notes and finish below the initial price in which case the payout will be Home Depot 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: | Home Depot, Inc. (Symbol: HD)
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Amount: | $0.159 million
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Maturity: | July 17, 2009
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Coupon: | 16%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Home Depot shares fall below the protection price of $19.01, 75% of the initial price, and finish below the initial price, in which case Home Depot shares equal to $1,000 principal amount divided by the initial price
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Initial price: | $25.34
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Protection price: | $19.01, 75% of $25.34
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Pricing date: | April 14
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Settlement date: | April 17
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Agent: | RBC Capital Markets Corp.
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Fees: | 1.5%
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