New Issue: RBC prices $1.485 million 12.4% reverse convertible linked to Helix Energy

By Angela McDaniels

Seattle, March 27 - Royal Bank of Canada priced a $1.485 million issue of reverse convertible notes due Sept. 28, 2007 linked to the common stock of Helix Energy Solutions Group Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The six-month notes will pay 6.2% for an annualized rate of 12.4%. Interest will be payable quarterly.

The payout at maturity will be par unless Helix Energy stock falls below the barrier price of $29.30 during the life of the notes and finishes below the initial share price of $36.62, in which case the payout will be a number of Helix Energy shares equal to $1,000 divided by the initial share price.

Issuer:	Royal Bank of Canada
Issue:	Reverse convertible notes
Underlying stock:	Helix Energy Solutions Group Inc.
Amount:	$1.485 million
Maturity:	Sept. 28, 2007
Coupon:	12.4%, payable quarterly
Price:	Par
Payout at maturity:	If Helix Energy stock falls below the barrier price during the life of the notes and finishes below the initial share price, 27.30748 Helix Energy shares; otherwise, par
Initial share price:	$36.62
Barrier price:	$29.30, 80% of initial share price
Pricing date:	March 23
Settlement date:	March 28
Agent:	RBC Capital Markets Corp.
Agent fees:	1.25%

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