New Issue: RBC prices $1.46 million 11% callable reverse convertibles on Apple

By Toni Weeks

San Diego, April 13 - Royal Bank of Canada priced $1.46 million of 11% callable reverse convertible notes due April 16, 2013 linked to the common stock of Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The notes will be automatically called at par if the closing share price is greater than or equal to the initial share price on any quarterly call date.

If the notes are not called, the payout at maturity will be par unless Apple shares fall below the barrier price of $375.67, 60% of the initial price of $626.11, during the life of the notes and finish below the initial price, in which case the payout will be Apple shares equal to $1,000 principal amount divided by the initial price or, at the issuer's option, the cash equivalent.

RBC Capital Markets LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Callable reverse convertible notes
Underlying stock:	Apple Inc. (Nasdaq: AAPL)
Amount:	$1,458,000
Maturity:	April 16, 2013
Coupon:	11%, payable monthly
Price:	Par
Payout at maturity:	If Apple shares fall below barrier price during the life of the notes and finish below the initial price, 1.60 Apple shares per $1,000 principal amount or, at RBC's option, cash equivalent; otherwise par
Call:	Automatically at par if closing share price is greater than or equal to initial share price on any quarterly call date
Initial price:	$626.11
Barrier price:	$375.67, or 60% of initial price
Pricing date:	April 11
Settlement date:	April 16
Agent:	RBC Capital Markets LLC
Fees:	0.25%
Cusip:	78008T4Q4

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