New Issue: RBC prices $0.242 million 10% reverse convertibles linked to Home Depot

New York, May 18 - Royal Bank of Canada priced $0.242 million of 10% reverse convertible notes due Aug. 20, 2009 linked to Home Depot, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Home Depot shares fall below the protection price of $18.30, 75% of the initial price of $24.40, during the life of the notes and finish below the initial price in which case the payout will be Home Depot 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:	Home Depot, Inc. (Symbol: HD)
Amount:	$0.242 million
Maturity:	Aug. 20, 2009
Coupon:	10%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Home Depot shares fall below the protection price of $18.30, 75% of the initial price, and finish below the initial price, in which case Home Depot shares equal to $1,000 principal amount divided by the initial price
Initial price:	$24.40
Protection price:	$18.30, 75% of $24.40
Pricing date:	May 15
Settlement date:	May 20
Agent:	RBC Capital Markets Corp.
Fees:	1.5%

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