Published on 3/17/2010 in the Prospect News Structured Products Daily.
New Issue: RBC prices $1.19 million 15.75% reverse convertibles linked to Las Vegas Sands
By Jennifer Chiou
New York, March 17 - Royal Bank of Canada priced $1.19 million of 15.75% annualized reverse convertible notes due June 18, 2010 linked to the common stock of Las Vegas Sands Corp., according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Las Vegas Sands shares fall below the protection price - 75% of the initial share price - during the life of the notes and finish below the initial price, in which case the payout will be a number of Las Vegas Sands shares equal to $1,000 principal amount divided by the initial 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: | $1,186,000
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Maturity: | June 18, 2010
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Coupon: | 15.75%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Las Vegas Sands shares fall below the protection price during the life of the notes and finish below the initial price, in which case Las Vegas Sands shares equal to $1,000 divided by the initial price
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Initial price: | $18.69
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Protection price: | $14.02, 75% of initial price
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Pricing date: | March 15
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Settlement date: | March 18
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Agent: | RBC Capital Markets Corp.
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Fees: | 1.5%
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Cusip: | 78008HZW3
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