New Issue: RBC prices $63,000 13.65% reverse convertibles linked to Belden

By Jennifer Chiou

New York, Dec. 31 - Royal Bank of Canada priced a $63,000 issue of 13.65% reverse convertible notes due June 30, 2008 linked to the common stock of Belden Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless the stock falls by more than 30% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Belden shares equal to $1,000 divided by the initial share price, or, at the bank's option, the equivalent cash value.

RBC Capital Markets Corp. is the agent.

Issuer:	Royal Bank of Canada
Issue:	Reverse convertible notes
Underlying stock:	Belden Inc. (Symbol: BDC)
Amount:	$63,000
Maturity:	June 30, 2008
Coupon:	13.65%, payable monthly
Price:	Par
Payout at maturity:	If the stock falls below the barrier price during the life of the notes and finishes below the initial share price, a number of Belden shares equal to $1,000 divided by the initial price; otherwise, par
Initial share price:	$45.95
Barrier price:	$32.17, 70% of initial share price
Pricing date:	Dec. 27
Settlement date:	Dec. 31
Agent:	RBC Capital Markets Corp.
Fees:	1.75%

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