New Issue: RBC prices $445,000 29.8% reverse convertibles linked to Wells Fargo

By Susanna Moon

Chicago, Oct. 7 - Royal Bank of Canada priced $445,000 of 29.8% annualized reverse convertible notes due Jan. 9, 2009 linked to Wells Fargo & Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

Payout at maturity will be par in cash unless Wells Fargo stock falls below the protection price - 65% of the initial price - during the life of the notes and finishes below the initial price, in which case the payout will be a number of Wells Fargo 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:	Wells Fargo & Co. (Symbol: WFC)
Amount:	$445,000
Maturity:	Jan. 9, 2009
Coupon:	29.8%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless the stock falls below the protection price during the life of the notes and finishes below the initial price, in which case Wells Fargo shares equal to $1,000 principal amount divided by the initial price
Initial price:	$33.64
Protection price:	$21.87, or 65% of initial price
Pricing date:	Oct. 6
Settlement date:	Oct. 9
Agent:	RBC Capital Markets Corp.
Fees:	1.5%

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