New Issue: RBC sells $110,000 10% buffered reverse convertibles linked to Wells Fargo

By Jennifer Chiou

New York, Jan. 15 - Royal Bank of Canada priced $110,000 of 10% annualized buffered reverse convertible notes due April 20, 2009 linked to the common stock of Wells Fargo & Co., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

Payout at maturity will be par unless the final share price is less than the buffer level - 80% of the initial price - in which case the payout will be $200 in cash plus a number of Wells Fargo shares equal to $1,000 divided by the initial share price or, at RBC's option, an equivalent amount in cash.

RBC Capital Markets Corp. is the agent.

Issuer:	Royal Bank of Canada
Issue:	Buffered reverse convertible notes
Underlying stock:	Wells Fargo & Co. (Symbol: WFC)
Amount:	$110,000
Maturity:	April 20, 2009
Coupon:	10%, payable monthly
Price:	Par
Payout at maturity:	If final share price is less than protection price, $200 in cash plus a number of Wells Fargo shares equal to $1,000 divided by the initial share price; otherwise, par
Initial share price:	$23.07
Protection price:	$18.46, 80% of initial price
Pricing date:	Jan. 14
Settlement date:	Jan. 20
Agent:	RBC Capital Markets Corp.
Fees:	1.625%

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.