By Laura Lutz
Des Moines, Jan. 30 - Royal Bank of Canada priced $1 million of 17% reverse convertible notes due May 5, 2008 linked to the common stock of Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.
Interest is payable monthly.
If Apple stock falls below the protection price - 65% of the initial share price - during the life of the notes and finishes below the initial share price, the payout at maturity will be a number of Apple shares equal to par divided by the initial share price.
Otherwise, the payout will be par
RBC Capital Markets Corp. is the agent.
| Issuer: | Royal Bank of Canada
|
| Issue: | Reverse convertible notes
|
| Underlying stock: | Apple Inc. (Symbol: AAPL)
|
| Amount: | $1 million
|
| Maturity: | May 5, 2008
|
| Coupon: | 17%, paid monthly
|
| Price: | Par
|
| Payout at maturity: | If Apple stock falls below $85.48 during the life of the notes and finishes below its initial share price, shares of Apple equal to par divided by the initial share price; otherwise, par
|
| Initial share price: | $131.51
|
| Barrier price: | $85.48, 65% of $131.51
|
| Pricing date: | Jan. 28
|
| Settlement date: | Feb. 4
|
| Agent: | RBC Capital Markets Corp.
|
| Fees: | 1.0625%
|
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