New Issue: RBC prices $3.04 million 9.5% six-month airbag yield notes linked to Freeport-McMoRan

By Toni Weeks

San Diego, May 8 - Royal Bank of Canada priced $3.04 million of 9.5% annualized airbag yield optimization notes due Nov. 9, 2012 linked to Freeport-McMoRan Copper & Gold Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The payout at maturity will be par unless the Freeport-McMoRan stock finishes below the 85% conversion level, in which case the payout will be a number of Freeport-McMoRan shares equal to $1,000 divided by the conversion price.

UBS Financial Services Inc. and RBC Capital Markets, LLC are the underwriters.

Issuer:	Royal Bank of Canada
Issue:	Airbag yield optimization notes
Underlying stock:	Freeport-McMoRan Copper & Gold Inc. (Symbol: FCX)
Amount:	$3,037,000
Maturity:	Nov. 9, 2012
Coupon:	9.5%, payable monthly
Price:	Par
Payout at maturity:	If final share price is less than conversion price, number of Freeport-McMoRan shares equal to $1,000 divided by conversion price; otherwise, par
Initial share price:	$36.40
Conversion price:	$30.94, 85% of initial share price
Pricing date:	May 4
Settlement date:	May 9
Underwriters:	UBS Financial Services Inc. and RBC Capital Markets LLC
Fees:	1%
Cusip:	78008C341

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