Published on 6/29/2011 in the Prospect News Structured Products Daily.
New Issue: RBC prices $1.28 million 18.25% reverse convertibles linked to Silver Wheaton
New York, June 29 - Royal Bank of Canada priced $1.279 million of 18.25% reverse convertible notes due Sept. 30, 2011 linked to Silver Wheaton Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Silver Wheaton shares fall below the protection price of $25.26, 80% of the initial price of $31.58, during the life of the notes and finish below the initial price in which case the payout will be Silver Wheaton 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: | Silver Wheaton Corp. (Symbol: SLW)
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Amount: | $1.279 million
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Maturity: | Sept. 30, 2011
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Coupon: | 18.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Silver Wheaton shares fall below the protection price of $25.26, 80% of the initial price, and finish below the initial price, in which case Silver Wheaton shares equal to $1,000 principal amount divided by the initial price
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Initial price: | $31.58
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Protection price: | $25.26, 80% of $31.58
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Pricing date: | June 27
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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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Cusip: | 78008THP2
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