New Issue: RBC prices $133,000 10% reverse convertibles linked to Wal-Mart

By Susanna Moon

Chicago, Nov. 18 - Royal Bank of Canada priced $133,000 of 10% annualized reverse convertible notes due Feb. 19, 2009 linked to Wal-Mart Stores, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

Payout at maturity will be par in cash unless Wal-Mart shares fall below the protection price - 70% of the initial price - during the life of the notes and finish below the initial price, in which case payout will be Wal-Mart 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:	Wal-Mart Stores, Inc. (Symbol: WMT)
Amount:	$133,000
Maturity:	Feb. 19, 2009
Coupon:	10%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless the shares fall below the protection price during the life of the notes and finish below the initial price, in which case 18.9717 Wal-Mart shares
Initial price:	$52.71
Protection price:	$36.90, or 70% of initial price
Pricing date:	Nov. 14
Settlement date:	Nov. 19
Agent:	RBC Capital Markets Corp.
Fees:	1.5%

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