Published on 9/29/2008 in the Prospect News Structured Products Daily.
New Issue: RBC prices $0.661 million 29.85% reverse convertibles linked to Wells Fargo
New York, Sept. 29 - Royal Bank of Canada priced $0.661 million of 29.85% reverse convertible notes due Dec. 31, 2008 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 $28.48, 75% of the initial price of $37.97, 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: | $0.661 million
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Maturity: | Dec. 31, 2008
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Coupon: | 29.85%, 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 $28.48, 75% 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: | $37.97
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Protection price: | $28.48, 75% of $37.97
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Pricing date: | Sept. 25
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Settlement date: | Sept. 30
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Agent: | RBC Capital Markets Corp.
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Fees: | 1.5%
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