New Issue: RBC prices $0.32 million 36% reverse convertibles linked to Melco Crown

New York, May 17 - Royal Bank of Canada priced $0.316 million of 36% reverse convertible notes due Aug. 18, 2010 linked to Melco Crown Entertainment. Ltd. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Melco Crown shares fall below the protection price of $2.96, 70% of the initial price of $4.23, during the life of the notes and finish below the initial price in which case the payout will be Melco Crown 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:	Melco Crown Entertainment. Ltd. (Symbol: MPEL)
Amount:	$0.316 million
Maturity:	Aug. 18, 2010
Coupon:	36%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Melco Crown shares fall below the protection price of $2.96, 70% of the initial price, and finish below the initial price, in which case Melco Crown shares equal to $1,000 principal amount divided by the initial price
Initial price:	$4.23
Protection price:	$2.96, 70% of $4.23
Pricing date:	May 13
Settlement date:	May 18
Agent:	RBC Capital Markets Corp.
Fees:	1.5%
Cusip:	78008H2S8

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.