New Issue: RBC sells $445,000 13% reverse convertibles linked to Boston Scientific

By Susanna Moon

Chicago, April 19 - Royal Bank of Canada priced $445,000 of 13% annualized reverse convertible notes due July 20, 2010 based on the performance of Boston Scientific Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Boston Scientific shares fall below the protection price - 80% of the initial price - during the life of the notes and finish below the initial price, in which case the payout will be a number of Boston Scientific 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:	Boston Scientific Corp. (Symbol: BSX)
Amount:	$445,000
Maturity:	July 20, 2010
Coupon:	13%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Boston Scientific shares fall below the protection price during the life of the notes and finish below the initial price, in which case Boston Scientific shares equal to $1,000 principal amount divided by the initial price
Initial price:	$7.14
Protection price:	$5.71, 80% of initial price
Pricing date:	April 15
Settlement date:	April 20
Agent:	RBC Capital Markets Corp.
Fees:	1.5%
Cusip:	78008HL73

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