RBC plans six-month barrier range accrual notes tied to SPDR Gold Trust

By Susanna Moon

Chicago, June 13 - Royal Bank of Canada plans to price barrier range accrual notes due Dec. 27, 2012 linked to the SPDR Gold Trust, according to a 424B5 filing with the Securities and Exchange Commission.

The contingent payment will accrue at an annualized rate of 8% to 9% for each day that the fund closes between 90% and 125% of its initial price. Interest will be payable at maturity.

The payout at maturity will be par unless the fund finishes below the 90% barrier level, in which case investors will receive a number of shares equal to $1,000 divided by the initial share price or, at the issuer's option, the cash equivalent.

The notes will price on June 22 and settle on June 27.

RBC Capital Markets, LLC is the agent.

The Cusip number is 78008SCD6.

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