RBC to price 9% reverse convertibles linked to Hewlett-Packard

By Laura Lutz

Des Moines, Jan. 12 - Royal Bank of Canada plans to price an issue of 9% reverse convertible notes due Jan. 30, 2008 linked to the common stock of Hewlett-Packard Co., according to a term sheet.

Interest will be payable monthly.

At maturity, investors will receive par unless Hewlett-Packard stock falls below the knock-in 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 Hewlett-Packard shares equal to $1,000 divided by the initial share price.

The notes will price on Jan. 26 and settle on Jan. 31.

RBC Capital Markets Corp. will be the agent.

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