New Issue: RBC prices $0.092 million 12% reverse convertibles linked to Hewlett-Packard

New York, Feb. 26 - Royal Bank of Canada priced $0.092 million of 12% reverse convertible notes due May 29, 2009 linked to Hewlett-Packard Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Hewlett-Packard shares fall below the protection price of $22.22, 75% of the initial price of $29.62, during the life of the notes and finish below the initial price in which case the payout will be Hewlett-Packard 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:	Hewlett-Packard Co. (Symbol: HPQ)
Amount:	$0.092 million
Maturity:	May 29, 2009
Coupon:	12%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Hewlett-Packard shares fall below the protection price of $22.22, 75% of the initial price, and finish below the initial price, in which case Hewlett-Packard shares equal to $1,000 principal amount divided by the initial price
Initial price:	$29.62
Protection price:	$22.22, 75% of $29.62
Pricing date:	Feb. 24
Settlement date:	Feb. 27
Agent:	RBC Capital Markets Corp.
Fees:	1.25%

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