Published on 3/17/2010 in the Prospect News Structured Products Daily.
New Issue: RBC prices $108,000 10.5% reverse convertibles linked to Research In Motion
By Angela McDaniels
Tacoma, Wash., March 17 - Royal Bank of Canada priced $108,000 of 10.5% annualized reverse convertible notes due Sept. 20, 2010 linked to the common stock of Research In Motion Ltd., according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Research In Motion shares fall below the protection price - 80% of the initial price - during the life of the notes and finish below the initial price, in which case the payout will be a number of Research In Motion 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: | Research In Motion Ltd. (Symbol: RIMM)
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Amount: | $108,000
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Maturity: | Sept. 20, 2010
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Coupon: | 10.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Research In Motion shares fall below the protection price during the life of the notes and finish below the initial price, in which case Research In Motion shares equal to $1,000 principal amount divided by the initial price
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Initial price: | $75.54
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Protection price: | $60.43, 80% of initial price
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Pricing date: | March 15
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Settlement date: | March 18
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Agent: | RBC Capital Markets Corp.
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Fees: | 1.75%
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Cusip: | 78008HB82
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