Published on 4/26/2013 in the Prospect News Structured Products Daily.
New Issue: RBC prices $475,000 10.85% reverse convertibles linked to Barrick Gold
New York, April 26 - Royal Bank of Canada priced $475,000 of 10.85% reverse convertible notes due Oct. 29, 2013 linked to Barrick Gold Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.
The payout at maturity will be par in cash unless Barrick Gold shares fall below the protection price of $13.04, 70% of the initial price of $18.63, during the life of the notes and finish below the initial price in which case the payout will be Barrick Gold 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: | Barrick Gold Corp. (Symbol: ABX)
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Amount: | $475,000
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Maturity: | Oct. 29, 2013
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Coupon: | 10.85%, payable monthly
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Price: | Par
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Payout at maturity: | Par in cash unless Barrick Gold shares fall below the protection price of $13.04, 70% of the initial price, and finish below the initial price, in which case Barrick Gold shares equal to $1,000 principal amount divided by the initial price
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Initial price: | $18.63
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Protection price: | $13.04, 70% of $18.63
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Pricing date: | April 24
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Settlement date: | April 29
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Agent: | RBC Capital Markets Corp.
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Fees: | 2%
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Cusip: | 78008ST30
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