Published on 3/17/2010 in the Prospect News Structured Products Daily.
New Issue: RBC prices $84,000 11% reverse convertibles linked to Yamana Gold
By Jennifer Chiou
New York, March 17 - Royal Bank of Canada priced $84,000 of 11% annualized reverse convertible notes due June 18, 2010 linked to the common stock of Yamana Gold Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Yamana Gold shares fall below the protection price - 80% of the initial share price - during the life of the notes and finish below the initial price, in which case the payout will be a number of Yamana Gold shares equal to $1,000 principal amount divided by the initial price.
RBC Capital Markets Corp. is the agent.
Issuer: | Royal Bank of Canada
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Issue: | Reverse convertible notes
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Underlying stock: | Yamana Gold Inc. (Symbol: AUY)
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Amount: | $84,000
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Maturity: | June 18, 2010
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Coupon: | 11%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Yamana Gold shares fall below the protection price during the life of the notes and finish below the initial price, in which case Yamana Gold shares equal to $1,000 divided by the initial price
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Initial price: | $9.96
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Protection price: | $7.97, 80% of initial price
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Pricing date: | March 15
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Settlement date: | March 18
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Agent: | RBC Capital Markets Corp.
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Fees: | 1.5%
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Cusip: | 78008HZJ2
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