By Jennifer Chiou
New York, Jan. 14 - Royal Bank of Canada priced $1.5 million of 0% buffered bullish digital notes due July 17, 2012 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index finishes above its initial level, the payout at maturity will be par plus a digital coupon of 11.95%.
Investors will receive par if the index falls by 10% or less and will be exposed to any decline beyond 10%.
RBC Capital Markets Corp. is the underwriter.
| Issuer: | Royal Bank of Canada
|
| Issue: | Buffered bullish digital notes
|
| Underlying index: | S&P 500
|
| Amount: | $1.5 million
|
| Maturity: | July 17, 2012
|
| Coupon: | 0%
|
| Price: | Par
|
| Payout at maturity: | Par plus digital coupon of 11.95% if index gains; par if index falls by 10% or less; exposure to any decline beyond 10%
|
| Initial level: | 1,285.96
|
| Buffer level: | 1,157.36, 90% of the initial level
|
| Pricing date: | Jan. 12
|
| Settlement date: | Jan. 18
|
| Underwriter: | RBC Capital Markets Corp.
|
| Fees: | 2%
|
| Cusip: | 78008KYY3
|
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