RBC to price 9.5% STEP Income Securities linked to Salesforce.com

By Jennifer Chiou

New York, April 10 - Royal Bank of Canada plans to price 9.5% STEP Income Securities due May 2015 linked to common stock of Salesforce.com, Inc., according to an FWP with the Securities and Exchange Commission.

Interest will be payable quarterly.

If the final share price is greater than or equal to the step level, 109.5% of the initial share price, the payout at maturity will be par of $10.00 plus a step payment of $0.10 to $0.50. The exact step payment will be set at pricing.

If the stock finishes at or above the initial level but below the step level, the payout will be par.

Investors will be exposed to any losses.

The notes will price in April and settle in May.

BofA Merrill Lynch is the agent.

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