New Issue: RBC prices $477,000 16.7% reverse convertibles linked to AK Steel

New York, June 16 - Royal Bank of Canada priced $477,000 of 16.7% reverse convertible notes due Sept. 19, 2011 linked to AK Steel Holding Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless AK Steel shares fall below the protection price of $12.26, 80% of the initial price of $15.33, during the life of the notes and finish below the initial price in which case the payout will be AK Steel shares equal to $1,000 principal amount divided by the initial price.

RBC Capital Markets Corp. is the agent.

Issuer:	Royal Bank of Canada
Issue:	Reverse convertible notes
Underlying stock:	AK Steel Holding Corp. (Symbol: AKS)
Amount:	$477,000
Maturity:	Sept. 19, 2011
Coupon:	16.7%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless AK Steel shares fall below the protection price of $12.26, 80% of the initial price, and finish below the initial price, in which case AK Steel shares equal to $1,000 principal amount divided by the initial price
Initial price:	$15.33
Protection price:	$12.26, 80% of $15.33
Pricing date:	June 14
Settlement date:	June 17
Agent:	RBC Capital Markets Corp.
Fees:	2%
Cusip:	78008TGR9

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