Published on 6/29/2009 in the Prospect News Structured Products Daily.
New Issue: RBC prices $0.17 million 19.75% reverse convertibles linked to Peabody Energy
New York, June 29 - Royal Bank of Canada priced $0.175 million of 19.75% reverse convertible notes due Sept. 30, 2009 linked to Peabody Energy Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Peabody Energy shares fall below the protection price of $23.03, 75% of the initial price of $30.71, during the life of the notes and finish below the initial price in which case the payout will be Peabody Energy 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: | Peabody Energy Corp. (Symbol: BTU)
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Amount: | $0.175 million
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Maturity: | Sept. 30, 2009
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Coupon: | 19.75%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Peabody Energy shares fall below the protection price of $23.03, 75% of the initial price, and finish below the initial price, in which case Peabody Energy shares equal to $1,000 principal amount divided by the initial price
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Initial price: | $30.71
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Protection price: | $23.03, 75% of $30.71
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Pricing date: | June 25
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Settlement date: | June 30
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Agent: | RBC Capital Markets Corp.
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Fees: | 1.5%
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