Published on 5/3/2010 in the Prospect News Structured Products Daily.
New Issue: RBC sells $65.11 million Accelerated Return Notes linked to S&P 500 via Merrill
By Susanna Moon
Chicago, May 3 - Royal Bank of Canada priced $65.11 million of 0% Accelerated Return Notes due June 24, 2011 based on the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
Merrill Lynch, Pierce, Fenner & Smith Inc. and its broker-dealer affiliate First Republic Securities Co., LLC are the underwriters.
The payout at maturity will be par of $10 plus triple any index gain, up to a maximum return of $11.578 per note.
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: | $65,113,410
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Maturity: | June 24, 2011
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | Par plus 300% of any index gain, capped at 15.78%; exposure to losses
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Initial index level: | 1,206.78
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Pricing date: | April 29
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Settlement date: | May 6
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Underwriters: | Merrill Lynch, Pierce, Fenner & Smith Inc. and First Republic Securities Co., LLC
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Fees: | 2%
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Cusip: | 78008A709
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