New Issue: RBC prices $6 million autocallable access securities tied to S&P 500

By Jennifer Chiou

New York, April 2 - Royal Bank of Canada priced $6 million of 0% autocallable access securities with fixed percentage buffered downside due April 3, 2014 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

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 premium is 7% for the first call date of April 3, 2013, 10.5% for the second call date of Oct. 3, 2013 and 14% for the final call date of March 27, 2014.

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%.

Wells Fargo Securities, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Autocallable access securities
Underlying index:	S&P 500
Amount:	$6 million
Maturity:	April 3, 2014
Coupon:	0%
Price:	Par
Payout at maturity:	If final index level is at least 90% of initial level, par; otherwise, 1% loss for every 1% decline beyond 10%
Initial level:	1,403.28
Threshold level:	1,262.95, 90% of initial level
Call:	If index closes at or above initial level on any of three call dates, par plus premium, which is 7% for April 3, 2013, 10.5% for Oct. 3, 2013 and 14% for March 27, 2014 call dates
Pricing date:	March 29
Settlement date:	April 3
Underwriter:	Wells Fargo Securities, LLC
Fees:	1.75%
Cusip:	78008TW91

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