New Issue: RBC prices $27.92 million contingent income autocallables tied to Ford

By Toni Weeks

San Diego, July 2 - Royal Bank of Canada priced $27.92 million of contingent income autocallable securities due July 3, 2013 linked to the common stock of Ford Motor Co., according to a 424B2 filing with the Securities and Exchange Commission.

If Ford stock closes at or above the downside threshold level - 75% of the initial share price - on a quarterly determination date, investors will receive a contingent payment of $0.33875 for each $10.00 note. Otherwise, no contingent payment will be made for that period.

If the closing share price is greater than or equal to the initial share price on any of the first three quarterly determination dates, the notes will be automatically redeemed at par plus the contingent payment.

If the notes are not called and the final share price is greater than or equal to the downside threshold level, the payout at maturity will be par plus the contingent payment. If the final share price is less than the downside threshold level, the payout will be a number of Ford shares equal to the principal amount of notes divided by the initial share price or, at the issuer's option, the cash value of those shares.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Contingent income autocallable securities
Underlying stock:	Ford Motor Co. (Symbol: F)
Amount:	$27,923,700
Maturity:	July 3, 2013
Coupon:	3.3875% if closing price is at least 75% of initial price on quarterly determination date; otherwise, none
Price:	Par
Payout at maturity:	If final share price is at least 75% of initial price, par plus contingent quarterly payment; otherwise, 0.9911 Ford shares per $10.00 principal amount, or, at RBC's option, equivalent cash amount of those shares
Initial price:	$10.09
Downside threshold level:	$7.5675, 75% of initial share price
Call:	Par plus contingent payment if closing share price greater than or equal to initial share price on first three quarterly determination dates
Pricing date:	June 28
Settlement date:	July 3
Agent:	RBC Capital Markets, LLC
Fees:	1.5%, used for selling concessions
Cusip:	78008C630

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