Published on 6/27/2008 in the Prospect News Structured Products Daily.
New Issue: RBC prices $0.266 million 10% reverse convertibles linked to Wells Fargo
New York, June 27 - Royal Bank of Canada priced $0.266 million of 10% reverse convertible notes due June 30, 2009 linked to Wells Fargo & Co shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Wells Fargo shares fall below the protection price of $17.78, 70% of the initial price of $25.40, 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
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Issue: | Reverse convertible notes
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Underlying stock: | Wells Fargo & Co (Symbol: WFC)
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Amount: | $0.266 million
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Maturity: | June 30, 2009
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Coupon: | 10%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Wells Fargo shares fall below the protection price of $17.78, 70% 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
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Initial price: | $25.40
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Protection price: | $17.78, 70% of $25.40
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Pricing date: | June 25
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Settlement date: | June 30
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Agent: | RBC Capital Markets Corp.
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Fees: | 2.5%
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