Published on 4/28/2009 in the Prospect News Structured Products Daily.
New Issue: RBC prices $0.347 million 14.5% reverse convertibles linked to Caterpillar
New York, April 28 - Royal Bank of Canada priced $0.347 million of 14.5% reverse convertible notes due July 31, 2009 linked to Caterpillar Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Caterpillar shares fall below the protection price of $21.70, 65% of the initial price of $33.39, during the life of the notes and finish below the initial price in which case the payout will be Caterpillar 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: | Caterpillar Inc. (Symbol: CAT)
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Amount: | $0.347 million
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Maturity: | July 31, 2009
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Coupon: | 14.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Caterpillar shares fall below the protection price of $21.70, 65% of the initial price, and finish below the initial price, in which case Caterpillar shares equal to $1,000 principal amount divided by the initial price
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Initial price: | $33.39
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Protection price: | $21.70, 65% of $33.39
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Pricing date: | April 27
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Settlement date: | April 30
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Agent: | RBC Capital Markets Corp.
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Fees: | 1.5%
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