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RBC to issue 23.25% reverse convertible notes linked to Wells Fargo
By Susanna Moon
Chicago, May 4 - Royal Bank of Canada plans to price 23.25% annualized reverse convertible notes due Aug. 20, 2009 linked to the common stock of Wells Fargo & Co., according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be payable monthly.
The payout at maturity will be par unless Wells Fargo stock falls below the barrier price - 60% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Wells Fargo shares equal to $1,000 divided by the initial share price or, at the issuer's option, the equivalent value in cash.
The notes are expected to price on May 15 and settle on May 20.
RBC Capital Markets Corp. is the agent.
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