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RBC ups coupon on reverse convertibles tied to Wells Fargo to 15.15%
By Susanna Moon
Chicago, Dec. 14 - Royal Bank of Canada amended its offering of reverse convertible notes due June 30, 2010 linked to Wells Fargo & Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon will now be 15.15%, up from 11%.
The payout at maturity will be par in cash unless Wells Fargo shares fall below 75% of the initial price during the life of the notes and finish below the initial price, in which case the payout will be a number of Wells Fargo shares equal to $1,000 divided by the initial price.
The notes are expected to price on Dec. 23 and settle on Dec. 31.
RBC Capital Markets Corp. is the agent.
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