New Issue: RBC prices $595,000 13.5% reverse convertibles linked to KeyCorp

New York, Oct. 19 - Royal Bank of Canada priced $595,000 of 13.5% reverse convertible notes due Jan. 21, 2011 linked to KeyCorp shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless KeyCorp shares fall below the protection price of $6.42, 80% of the initial price of $8.03, during the life of the notes and finish below the initial price in which case the payout will be KeyCorp shares equal to $1,000 principal amount divided by the initial price.

RBC Capital Markets Corp. is the agent.

Issuer:	Royal Bank of Canada
Issue:	Reverse convertible notes
Underlying stock:	KeyCorp (Symbol: KEY)
Amount:	$595,000
Maturity:	Jan. 21, 2011
Coupon:	13.5%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless KeyCorp shares fall below the protection price of $6.42, 80% of the initial price, and finish below the initial price, in which case KeyCorp shares equal to $1,000 principal amount divided by the initial price
Initial price:	$8.03
Protection price:	$6.42, 80% of $8.03
Pricing date:	Oct. 15
Settlement date:	Oct. 20
Agent:	RBC Capital Markets Corp.
Fees:	1.5%
Cusip:	78008KNQ2

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