Published on 3/10/2010 in the Prospect News Structured Products Daily.
New Issue: RBC prices $0.61 million 9.1% reverse convertibles linked to Blue Nile
New York, March 10 - Royal Bank of Canada priced $0.607 million of 9.1% reverse convertible notes due Sept. 13, 2010 linked to Blue Nile, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Blue Nile shares fall below the protection price of $42.07, 75% of the initial price of $56.09, during the life of the notes and finish below the initial price in which case the payout will be Blue Nile 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: | Blue Nile, Inc. (Symbol: NILE)
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Amount: | $0.607 million
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Maturity: | Sept. 13, 2010
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Coupon: | 9.1%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Blue Nile shares fall below the protection price of $42.07, 75% of the initial price, and finish below the initial price, in which case Blue Nile shares equal to $1,000 principal amount divided by the initial price
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Initial price: | $56.09
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Protection price: | $42.07, 75% of $56.09
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Pricing date: | March 8
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Settlement date: | March 11
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Agent: | RBC Capital Markets Corp.
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Cusip: | 78008HC57
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