By E. Janene Geiss
Philadelphia, March 28 - Royal Bank of Canada priced a $341,000 issue of 15.6% annualized reverse convertible notes due Sept. 30, 2008 linked to Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
Payout at maturity will be par in cash if the stock stays at or above the protection price, 70% of the initial price, during the life of the notes or finishes at or above the initial price.
Otherwise, the payout will be in Apple stock with the number of shares equal to $1,000 divided by the initial share price.
RBC Capital Markets Corp. is the agent.
| Issuer: | Royal Bank of Canada
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | Apple Inc. (Symbol: AAPL)
|
| Amount: | $341,000
|
| Maturity: | Sept. 30, 2008
|
| Coupon: | 15.6%, payable monthly
|
| Price: | Par
|
| Payout at maturity: | Par in cash if the stock stays at or above the protection price of $101.54 during the life of the notes or finishes at or above the initial price; otherwise, shares of Apple stock equal to $1,000 divided by the initial price
|
| Initial price: | $145.06
|
| Protection price: | $101.54, 70% of $145.06
|
| Pricing date: | March 26
|
| Settlement date: | March 31
|
| Agent: | RBC Capital Markets Corp.
|
| Fees: | 1.75%
|
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