Published on 5/18/2009 in the Prospect News Structured Products Daily.
New Issue: RBC prices $0.095 million 23.5% reverse convertibles linked to SunTrust Banks
New York, May 18 - Royal Bank of Canada priced $0.095 million of 23.5% reverse convertible notes due Aug. 20, 2009 linked to SunTrust Banks, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless SunTrust Banks shares fall below the protection price of $9.03, 60% of the initial price of $15.05, during the life of the notes and finish below the initial price in which case the payout will be SunTrust Banks 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: | SunTrust Banks, Inc. (Symbol: STI)
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Amount: | $0.095 million
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Maturity: | Aug. 20, 2009
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Coupon: | 23.5%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless SunTrust Banks shares fall below the protection price of $9.03, 60% of the initial price, and finish below the initial price, in which case SunTrust Banks shares equal to $1,000 principal amount divided by the initial price
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Initial price: | $15.05
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Protection price: | $9.03, 60% of $15.05
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Pricing date: | May 15
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Settlement date: | May 20
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Agent: | RBC Capital Markets Corp.
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Fees: | 1.5%
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