Published on 7/30/2008 in the Prospect News Structured Products Daily.
New Issue: RBC prices $.020 million 17% reverse convertibles linked to McMoRan Exploration
New York, July 30 - Royal Bank of Canada priced $20, million of 17% reverse convertible notes due Jan. 30, 2009 linked to McMoRan Exploration Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless McMoRan Exploration shares fall below the protection price of $14.62, 60% of the initial price of $24.37, during the life of the notes and finish below the initial price in which case the payout will be McMoRan Exploration 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: | McMoRan Exploration Co. (Symbol: MMR)
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Amount: | $.020 million
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Maturity: | Jan. 30, 2009
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Coupon: | 17%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless McMoRan Exploration shares fall below the protection price of $14.62, 60% of the initial price, and finish below the initial price, in which case McMoRan Exploration shares equal to $1,000 principal amount divided by the initial price
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Initial price: | $24.37
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Protection price: | $14.62, 60% of $24.37
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Pricing date: | July 28
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Settlement date: | July 31
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Agent: | RBC Capital Markets Corp.
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Fees: | 1.75%
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