New Issue: RBC prices $1.425 million 19% reverse convertibles linked to Bank of America

New York, July 28 - Royal Bank of Canada priced $1.425 million of 19% reverse convertible notes due Jan. 29, 2009 linked to Bank of America Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Bank of America shares fall below the protection price of $18.38, 60% of the initial price of $30.64, during the life of the notes and finish below the initial price in which case the payout will be Bank of America shares equal to $1,000 principal amount divided by the initial price.

RBC Capital Markets Corp. is the agent.

Issuer:	Royal Bank of Canada
Issue:	Reverse convertible notes
Underlying stock:	Bank of America Corp. (Symbol: BAC)
Amount:	$1.425 million
Maturity:	Jan. 29, 2009
Coupon:	19%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Bank of America shares fall below the protection price of $18.38, 60% of the initial price, and finish below the initial price, in which case Bank of America shares equal to $1,000 principal amount divided by the initial price
Initial price:	$30.64
Protection price:	$18.38, 60% of $30.64
Pricing date:	July 24
Settlement date:	July 29
Agent:	RBC Capital Markets Corp.
Fees:	2%

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