New Issue: RBC prices $160,000 14.65% reverse convertibles linked to JPMorgan

By Susanna Moon

Chicago, Nov. 18 - Royal Bank of Canada priced $160,000 of 14.65% annualized reverse convertible notes due Feb. 19, 2009 linked to JPMorgan Chase & Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

Payout at maturity will be par in cash unless JPMorgan Chase shares fall below the protection price - 60% of the initial price - during the life of the notes and finish below the initial price, in which case payout will be JPMorgan Chase 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:	JPMorgan Chase & Co. (Symbol: JPM)
Amount:	$160,000
Maturity:	Feb. 19, 2009
Coupon:	14.65%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless the shares fall below the protection price during the life of the notes and finish below the initial price, in which case 29.0107 JPMorgan Chase shares
Initial price:	$34.47
Protection price:	$20.68, or 60% of initial price
Pricing date:	Nov. 14
Settlement date:	Nov. 19
Agent:	RBC Capital Markets Corp.
Fees:	1.25%

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