New Issue: Royal Bank of Canada prices $1.475 million 11% RevCons linked to Capital One

By Angela McDaniels

Seattle, April 17 - Royal Bank of Canada priced a $1.475 million issue of reverse convertible notes (RevCons) due Oct. 18, 2007 linked to the common stock of Capital One Financial Corp., according to a 424B2 filing with the Securities and Exchange Commission.

The six-month notes will pay 5.5% for an annualized rate of 11%. Interest will be payable quarterly.

The payout at maturity will be par unless Capital One stock falls below the barrier price of $60.05 during the life of the notes and finishes below the initial share price of $75.06, in which case the payout will be a number of Capital One shares equal to $1,000 divided by the initial share price or, at the bank's option, the equivalent cash value.

RBC Capital Markets Corp. is the agent.

Issuer:	Royal Bank of Canada
Issue:	Reverse convertible senior global medium-term notes, series C
Underlying stock:	Capital One Financial Corp.
Amount:	$1.475 million
Maturity:	Oct. 18, 2007
Coupon:	11%, payable quarterly
Price:	Par
Payout at maturity:	If Capital One stock falls below the barrier price during the life of the notes and finishes below the initial share price, 13.32268 Capital One shares or, at the bank's option, the equivalent cash value; otherwise, par
Initial share price:	$75.06
Barrier price:	$60.05, 80% of initial share price
Pricing date:	April 13
Settlement date:	April 18
Agent:	RBC Capital Markets Corp.
Agent fees:	1.25%

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