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RBC to price 10% buffered reverse convertibles linked to Wells Fargo
By Jennifer Chiou
New York, Jan. 8 - Royal Bank of Canada plans to price 10% annualized buffered reverse convertibles due April 20, 2009 linked to Wells Fargo & Co. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
Payout at maturity will be par in cash unless the final price of Wells Fargo stock is less than the barrier price, 80% of the initial price.
In that case, the payout will be in Wells Fargo stock, with the number of shares equal to $1,000 divided by the initial price, plus an amount in cash equal to the principal amount times the 20% buffer amount.
The notes will price on Jan. 14 and settle on Jan. 20.
RBC Capital Markets Corp. is the underwriter.
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