By E. Janene Geiss
Philadelphia, Nov. 28 - Royal Bank of Canada priced a $242,000 issue of reverse convertible notes due May 30, 2008 linked to Las Vegas Sands Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.
The six-month notes will pay 8.625% for an annualized rate of 17.25%. Interest is payable monthly.
Payout at maturity will be par in cash if the stock stays at or above the protection price, 65% of the initial price, during the life of the notes or finishes at or above the initial price.
Otherwise, the payout will be in Las Vegas Sands 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: | Las Vegas Sands Corp. (Symbol: LVS)
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Amount: | $242,000
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Maturity: | May 30, 2008
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Coupon: | 17.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash if the stock stays at or above the protection price during the life of the notes or finishes at or above the initial price; otherwise shares of Las Vegas Sands stock equal to $1,000 divided by the initial price
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Initial price: | $106.97
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Protection price: | $69.53, 65% of $106.97
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Pricing date: | Nov. 26
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Settlement date: | Nov. 30
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Agent: | RBC Capital Markets Corp.
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Fees: | 1.75%
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