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RBC plans to price 11.25% reverse convertibles linked to Yamana Gold
By Angela McDaniels
Tacoma, Wash., April 22 - Royal Bank of Canada plans to price reverse convertible notes due Oct. 29, 2010 linked to the common stock of Yamana Gold Inc., according to an FWP filing with the Securities and Exchange Commission.
The six-month notes will carry an annualized coupon of 11.25%. Interest will be payable monthly.
The payout at maturity will be par unless Yamana Gold stock falls below the barrier price - 75% 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 Yamana Gold shares equal to $1,000 divided by the initial share price or, at RBC's option, the value of those shares in cash.
The notes are expected to price April 27 and settle April 30.
RBC Capital Markets Corp. is the agent.
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