New Issue: RBC prices $399,000 bullish barrier notes linked to S&P 500

By Angela McDaniels

Tacoma, Wash., Nov. 25 - Royal Bank of Canada priced $399,000 of zero-coupon principal-protected bullish barrier notes due May 28, 2010 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the final index level is greater than the initial level and the index never closes above the upper barrier - 123% of the initial level - throughout the life of the notes, the payout at maturity will be par plus the index gain.

Otherwise, the payout will be par.

RBC Capital Markets Corp. is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Principal-protected bullish barrier notes
Underlying index:	S&P 500
Amount:	$399,000
Maturity:	May 28, 2010
Coupon:	0%
Price:	Par
Payout at maturity:	If final index level is greater than initial level and index never closes above upper barrier during life of notes, par plus index gain; otherwise, par
Initial index level:	851.81
Upper barrier:	1,047.73, 123% of initial level
Pricing date:	Nov. 24
Settlement date:	Nov. 28
Underwriter:	RBC Capital Markets Corp.
Fees:	2.125%

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