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Merrill Lynch plans bear accelerated notes tied to S&P 500 for RBC
By Susanna Moon
Chicago, Sept. 23 - Royal Bank of Canada plans to price 0% Bear Accelerated Return Notes due April 2011 based on the performance of the S&P 500 index, according to an FWP filing with the Securities and Exchange Commission.
Merrill Lynch, Pierce, Fenner & Smith Inc. is the agent.
The payout at maturity will be par of $10.00 plus five times the absolute value of any decline in the index, up to a maximum payout of $10.80 to $11.20 per note. The exact cap will be set at pricing.
Investors will lose 1% for every 1% index gain.
The notes are expected to price in October and settle in November.
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