New Issue: RBC prices $25,000 8.25% reverse convertibles linked to Wells Fargo

New York, May 31 - Royal Bank of Canada priced $25,000 of 8.25% reverse convertible notes due May 31, 2013 linked to Wells Fargo & Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Wells Fargo shares fall below the protection price of $25.80, 80% of the initial price of $32.25, during the life of the notes and finish below the initial price in which case the payout will be Wells Fargo 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:	Wells Fargo & Co. (Symbol: WFC)
Amount:	$25,000
Maturity:	May 31, 2013
Coupon:	8.25%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Wells Fargo shares fall below the protection price of $25.80, 80% of the initial price, and finish below the initial price, in which case Wells Fargo shares equal to $1,000 principal amount divided by the initial price
Initial price:	$32.25
Protection price:	$25.80, 80% of $32.25
Pricing date:	May 29
Settlement date:	May 31
Agent:	RBC Capital Markets Corp.
Fees:	2.5%
Cusip:	78008SAN6

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