New Issue: RBC prices $12.74 million autocallable access notes linked to S&P 500

By Angela McDaniels

Tacoma, Wash., Dec. 1 - Royal Bank of Canada priced $12.74 million of 0% autocallable access securities with fixed percentage buffered downside due Dec. 3, 2013 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

Wells Fargo Securities, LLC is the underwriter.

The notes will be automatically called at par plus a call premium if the index closes at or above the initial index level on any of three call dates. The call premium is 9% if the notes are called Dec. 3, 2012, 13.5% if they are called June 3, 2013 and 18% if they are called Nov. 25, 2013

If the notes are not called and the index's final level is at least 90% of the initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the index declines beyond 10%.

Issuer:	Royal Bank of Canada
Issue:	Autocallable access securities with fixed percentage buffered downside
Underlying index:	S&P 500
Amount:	$12,737,000
Maturity:	Dec. 3, 2013
Coupon:	0%
Price:	Par
Payout at maturity:	If index's final level is at least 90% of initial level, par; otherwise, 1% loss for every 1% that index declines beyond 10%
Call:	Automatically at par plus call premium if index closes at or above initial level on any of three call dates; call premium is 9% if notes are called Dec. 3, 2012, 13.5% if called June 3, 2013 and 18% if called Nov. 25, 2013
Initial index level:	1,195.19
Pricing date:	Nov. 29
Settlement date:	Dec. 2
Underwriter:	Wells Fargo Securities, LLC
Fees:	2%
Cusip:	78008TXK5

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.