Published on 8/28/2008 in the Prospect News Structured Products Daily.
New Issue: RBC prices $0.104 million 20.55% reverse convertibles linked to Huntsman
New York, Aug. 28 - Royal Bank of Canada priced $0.104 million of 20.55% reverse convertible notes due Nov. 28, 2008 linked to Huntsman Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Huntsman shares fall below the protection price of $8.09, 60% of the initial price of $13.48, during the life of the notes and finish below the initial price in which case the payout will be Huntsman 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: | Huntsman Corp. (Symbol: HUN)
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Amount: | $0.104 million
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Maturity: | Nov. 28, 2008
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Coupon: | 20.55%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Huntsman shares fall below the protection price of $8.09, 60% of the initial price, and finish below the initial price, in which case Huntsman shares equal to $1,000 principal amount divided by the initial price
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Initial price: | $13.48
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Protection price: | $8.09, 60% of $13.48
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Pricing date: | Aug. 26
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Settlement date: | Aug. 29
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Agent: | RBC Capital Markets Corp.
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Fees: | 1.5%
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