Published on 6/28/2010 in the Prospect News Structured Products Daily.
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
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Issue: | Accelerated Return Notes
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Underlying index: | S&P 500
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Amount: | $32,410,740
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Maturity: | Aug. 26, 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 18.96%; exposure to any losses
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Initial index level: | 1,073.69
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Pricing date: | June 24
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Settlement date: | July 2
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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: | 78009C712
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