US Wrap: RBC mixes reverse convertibles and growth

Royal Bank of Canada (RBC) has joined the latest trend for reverse convertible products, launching two new notes linked to Wells Fargo. The structures have three month maturities and differ in terms of pricing. While one note offers a conversion barrier of 65%, the other's is set at 60%. The difference is reflected in the available coupons, which annualised are 17.05% and 12.15% respectively.

RBC also offered an accelerated growth product into the mix of reverse convertibles launched by two other providers. The note is linked to the performance of the S&P 500 index and lasts 18 months with 200% participation and a 17% upside cap. Investors are protected with a downside buffer of 15%.


Product type


Pricing date

Maturity date

ABN Amro

Reverse Convertible

Las Vegas Sands

Aug 14 2009

Nov 19 2009

Royal Bank of Canada

Reverse Convertible


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