New Issue: Merrill Lynch sells $32.41 million Accelerated Return Notes linked to S&P 500 for RBC

By Susanna Moon

Chicago, June 28 - Royal Bank of Canada priced $32.41 million of 0% Accelerated Return Notes due Aug. 26, 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 First Republic Securities Co., LLC are the underwriters.

The payout at maturity will be par of $10.00 plus triple any index gain, up to a maximum payment of $11.896 per note.

Investors will be exposed to any losses.

Issuer:	Royal Bank of Canada
Issue:	Accelerated Return Notes
Underlying index:	S&P 500
Amount:	$32,410,740
Maturity:	Aug. 26, 2011
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus 300% of any index gain, capped at 18.96%; exposure to any losses
Initial index level:	1,073.69
Pricing date:	June 24
Settlement date:	July 2
Underwriters:	Merrill Lynch, Pierce, Fenner & Smith Inc. and First Republic Securities Co., LLC
Fees:	2%
Cusip:	78009C712

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