New Issue: RBC prices $7.95 million 9.29% trigger yield notes on Aflac via UBS

By Susanna Moon

Chicago, March 25 - Royal Bank of Canada priced $7.95 million of 9.29% trigger yield optimization notes due March 30, 2012 linked to Aflac, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Each note has a face amount of $52.46, which is equal to the initial share price of Aflac stock.

Interest is payable monthly.

The payout at maturity will be par unless the final share price is less than 80% of the initial share price, in which case the payout will be one Aflac share per note.

UBS Financial Services Inc. and RBC Capital Markets, LLC are the agents.

Issuer:	Royal Bank of Canada
Issue:	Trigger yield optimization notes
Underlying stock:	Aflac, Inc. (NYSE: AFL)
Amount:	$7,945,486.68
Maturity:	March 30, 2012
Coupon:	9.29%, payable monthly
Price:	Par of $52.46
Payout at maturity:	If final share price is less than trigger price, one Aflac share; otherwise, par
Initial share price:	$52.46
Trigger price:	$41.97, or 80% of initial price
Pricing date:	March 23
Settlement date:	March 31
Agents:	UBS Financial Services Inc. and RBC Capital Markets, LLC
Fees:	2%
Cusip:	78009C233

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