Published on 3/26/2010 in the Prospect News Structured Products Daily.
New Issue: RBC sells $71.58 million Accelerated Return Notes linked to S&P 500 via Merrill
By Jennifer Chiou
New York, March 26 - Royal Bank of Canada priced $71.58 million of 0% Accelerated Return Notes due May 27, 2011 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Merrill Lynch & Co. is the underwriter.
The payout at maturity will be par of $10 plus triple any index gain, up to a maximum return of 14.46%.
Investors will be exposed to any index decline.
Issuer: | Royal Bank of Canada
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Issue: | Accelerated Return Notes
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Underlying index: | S&P 500
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Amount: | $71,577,070
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Maturity: | May 27, 2011
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus triple any index gain, capped at 14.46%; exposure to losses
|
Initial index level: | 1,167.72
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Pricing date: | March 24
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Settlement date: | April 5
|
Underwriter: | Merrill Lynch & Co.
|
Fees: | 2%
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Cusip: | 78009C738
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