Published on 5/28/2009 in the Prospect News Structured Products Daily.
New Issue: RBC prices $0.391 million 25% reverse convertibles linked to Arch Coal
New York, May 28 - Royal Bank of Canada priced $0.391 million of 25% reverse convertible notes due Aug. 31, 2009 linked to Arch Coal, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Arch Coal shares fall below the protection price of $11.32, 65% of the initial price of $17.41, during the life of the notes and finish below the initial price in which case the payout will be Arch Coal 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: | Arch Coal, Inc. (Symbol: ACI)
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Amount: | $0.391 million
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Maturity: | Aug. 31, 2009
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Coupon: | 25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Arch Coal shares fall below the protection price of $11.32, 65% of the initial price, and finish below the initial price, in which case Arch Coal shares equal to $1,000 principal amount divided by the initial price
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Initial price: | $17.41
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Protection price: | $11.32, 65% of $17.41
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Pricing date: | May 26
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Settlement date: | May 29
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Agent: | RBC Capital Markets Corp.
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Fees: | 1.5%
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