New Issue: RBC sells $130,000 9% reverse convertibles linked to St. Jude Medical

By E. Janene Geiss

Philadelphia, June 27 - Royal Bank of Canada priced $130,000 of 9% reverse convertible notes due June 30, 2008 linked to St. Jude Medical, Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par in cash if St. Jude Medical stock stays at or above the protection price of $32.90 - 80% of the initial price - during the life of the notes and finishes at or above the initial share price. Otherwise, the payout will be in St. Jude Medical 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
Issue:	Reverse convertible notes
Underlying stock:	St. Jude Medical, Inc.
Amount:	$130,000
Maturity:	June 30, 2008
Coupon:	9%, payable monthly
Price:	Par
Payout at maturity:	Par in cash if St. Jude Medical stock stays at or above the protection price of $32.90 during the life of the notes and finishes at or above the initial share price; otherwise, the number of St. Jude shares equal to $1,000 divided by the initial share price
Initial share price:	$41.13
Protection price:	$32.90, 80% of $41.13
Pricing date:	June 26
Settlement date:	June 29
Agent:	RBC Capital Markets Corp.
Fees:	2.75%

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