RBC to price 33.5% reverse convertibles linked to JPMorgan Chase

By Jennifer Chiou

New York, Feb. 18 - Royal Bank of Canada plans to price 33.5% annualized reverse convertible notes due May 29, 2009 linked to the common stock of JPMorgan Chase & Co., according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The payout at maturity will be par unless JPMorgan Chase stock falls below the barrier price - 65% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of JPMorgan Chase shares equal to $1,000 divided by the initial share price or, at the bank's option, the value of those shares in cash.

The notes are expected to price Feb. 24 and settle Feb. 27.

RBC Capital Markets Corp. is the agent.

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