New Issue: RBC prices $150,000 0% contingent risk bullish notes linked to S&P 500

By Jennifer Chiou

New York, May 29 - Royal Bank of Canada priced $150,000 of zero-coupon contingent risk bullish notes due May 31, 2013 linked to the S&P 500 index, according to a 424B5 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus 112.5% of any index gain. If the final index level is less than the initial level and it has not fallen below the barrier level, 70% of the initial level, during the life of the notes, investors will receive par. Investors will share in losses on the index if the index falls below the barrier level during the life of the notes.

RBC Capital Markets Corp. is the agent.

Issuer:	Royal Bank of Canada
Issue:	Contingent risk bullish notes
Underlying index:	S&P 500
Amount:	$150,000
Maturity:	May 31, 2013
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 112.5% of any index gain; if the final index level is less than the initial level and it has not fallen below the barrier level, 70% of the initial level, during the life of the notes, investors will receive par. Investors will share in losses on the index if the index falls below the barrier level during the life of the notes
Initial level:	1,385.35
Barrier level:	969.75, 70% of the initial level
Pricing date:	May 27
Settlement date:	May 30
Underwriter:	RBC Capital Markets Corp.
Fees:	3%

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