New Issue: RBC prices $15.68 million market-linked step-up notes on Euro Stoxx 50

By Toni Weeks

San Luis Obispo, Calif., – Royal Bank of Canada priced $15.68 million of 0% market-linked step-up notes due July 29, 2016 linked to the Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index finishes above the step-up value – 120% of the initial level – the payout at maturity will be par plus the index return.

If the index finishes at or below the step-up level but at or above the initial level, the payout will be par plus the step-up return of 20%.

Investors will be exposed to any losses.

BofA Merrill Lynch is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Market-linked step-up notes
Underlying index:	Euro Stoxx 50
Amount:	$15,682,840
Maturity:	July 29, 2016
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If index finishes above step level, par plus return; if index finishes at or below step-up level but at or above initial level, par plus 20%; exposure to losses
Initial level:	3,220.07
Step level:	3,864.08, 120% of initial level
Pricing date:	July 24
Settlement date:	July 31
Agent:	BofA Merrill Lynch
Fees:	2%
Cusip:	78011X779

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