Published on 6/27/2008 in the Prospect News Structured Products Daily.
New Issue: RBC prices $0.309 million 18.25% reverse convertibles linked to Medarex
New York, June 27 - Royal Bank of Canada priced $0.309 million of 18.25% reverse convertible notes due Sept. 30, 2008 linked to Medarex, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.
Payout at maturity will be par in cash unless Medarex shares fall below the protection price of $4.84, 70% of the initial price of $6.91, during the life of the notes and finish below the initial price in which case the payout will be Medarex 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: | Medarex, Inc. (Symbol: MEDX)
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Amount: | $0.309 million
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Maturity: | Sept. 30, 2008
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Coupon: | 18.25%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Medarex shares fall below the protection price of $4.84, 70% of the initial price, and finish below the initial price, in which case Medarex shares equal to $1,000 principal amount divided by the initial price
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Initial price: | $6.91
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Protection price: | $4.84, 70% of $6.91
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Pricing date: | June 25
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Settlement date: | June 30
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Agent: | RBC Capital Markets Corp.
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Fees: | 1.25%
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