Published on 4/27/2007 in the Prospect News Structured Products Daily.
New Issue: RBC sells $72,000 14.75% reverse convertibles linked to i2 Technologies
By E. Janene Geiss
Philadelphia, April 27 - Royal Bank of Canada priced $72,000 of 14.75% reverse convertible notes due April 30, 2008 linked to i2 Technologies, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash if i2 Technologies stock stays at or above the protection price, 70% of the initial share price of $26.27, during the life of the notes and finishes at or above the initial share price.
Otherwise, the payout will be in i2 Technologies stock, with the number of shares equal to $1,000 divided by the initial share price.
RBC Capital Markets Corp. is the agent.
Issuer: | Royal Bank of Canada
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Issue: | Reverse convertible notes
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Underlying stock: | i2 Technologies, Inc.
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Amount: | $72,000
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Maturity: | April 30, 2008
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Coupon: | 14.75%
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Price: | Par
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Payout at maturity: | Par in cash if i2 Technologies stock stays at or above the protection price of $18.39 during the life of the notes and finishes at or above the initial share price; otherwise, 38.066 i2 Technologies shares
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Initial share price: | $26.27
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Protection price: | $18.39, 70% of $26.27
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Pricing date: | April 25
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Settlement date: | April 30
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Agent: | RBC Capital Markets Corp.
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Agent's fee: | 2%
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