RBC plans enhanced return notes linked to S&P 500

By Laura Lutz

Des Moines, Feb. 1 - Royal Bank of Canada plans to price zero-coupon enhanced return (leveraged) notes due March 31, 2009 linked to the S&P 500 index, according to a 424B5 filing with the Securities and Exchange Commission.

If the final index level is at least the initial level, the payout at maturity will be par plus 300% of any index gain, capped at a maximum payout equal to 115% of par.

Otherwise, the payout will be par times the index performance.

The notes are expected to price on Feb. 25 and settle on Feb. 29

RBC Capital Markets Corp. will be the underwriter.

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