New Issue: RBC sells $1.23 million buffered bullish notes tied to S&P GSCI Energy

By Jennifer Chiou

New York, May 28 - Royal Bank of Canada priced $1.23 million of 0% buffered bullish notes due May 31, 2012 linked to the S&P GSCI Energy - Excess Return index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus any index gain, up to a maximum return of 185% of par.

Investors will receive par if the index falls by up to 20% and will be exposed to any losses beyond 20%.

RBC Capital Markets Corp. is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Buffered bullish notes
Underlying index:	S&P GSCI Energy - Excess Return
Amount:	$1,227,000
Maturity:	May 31, 2012
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus any index gain, capped at 185% of par; par if index falls by up to 20% and exposure to losses beyond 20%
Initial level:	246.3103
Buffer level:	197.0482, 80% of initial level
Pricing date:	May 27
Settlement date:	May 29
Underwriter:	RBC Capital Markets Corp.
Fees:	2.25%

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