New Issue: RBC sells $1.46 million 28.4% reverse convertibles linked to General Growth Properties

By Susanna Moon

Chicago, April 15 - Royal Bank of Canada priced $1.46 million of 28.4% annualized reverse convertible notes due June 17, 2010 based on the performance of General Growth Properties Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless the stock falls below the barrier price - 80% of the initial price - during the life of the notes and finish below the initial price, in which case the payout will be a number of General Growth 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:	General Growth Properties Inc (Symbol: GGP)
Amount:	$1.46 million
Maturity:	June 17, 2010
Coupon:	28.4%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless General Growth Properties shares fall below the barrier price and finish below the initial price, in which case 61.05 General Growth shares
Initial price:	$16.38
Barrier price:	$13.10, 80% of initial price
Pricing date:	April 14
Settlement date:	April 19
Agent:	RBC Capital Markets Corp.
Fees:	1%
Cusip:	78008HS43

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