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RBC lifts coupon on reverse convertibles linked to Hartford to 11.25%
By Susanna Moon
Chicago, March 11 - Royal Bank of Canada now plans to price 11.25% annualized reverse convertible notes due Sept. 20, 2010 based on the performance of Hartford Financial Services Group, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The coupon was increased from 11%, payable monthly.
The payout at maturity will be par unless the stock falls below the barrier price - 80% of the initial share price - during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Hartford Financial shares equal to $1,000 divided by the initial share price or, at RBC's option, the cash equivalent.
The notes are expected to price on March 15 and settle on March 18.
RBC Capital Markets Corp. is the agent.
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