By Angela McDaniels
Tacoma, Wash., Aug. 22 - Royal Bank of Canada priced $11.59 million of 0% bear Strategic Accelerated Redemption Securities due Feb. 25, 2013 linked to the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
Bank of America Merrill Lynch is the underwriter.
If the final index level is less than or equal to the initial index level, the notes will be called and investors will receive $10.885 for every $10.00 principal amount of notes.
If the notes are not called, investors will lose an amount equal to the index gain.
| Issuer: | Royal Bank of Canada
|
| Issue: | Bear Strategic Accelerated Redemption Securities
|
| Underlying index: | Russell 2000
|
| Amount: | $11,592,370
|
| Maturity: | Feb. 25, 2013
|
| Coupon: | 0%
|
| Price: | Par of $10
|
| Payout at maturity: | Par minus 1% for every 1% that index advances
|
| Call: | Automatically at 108.85% of par if final index level is less than or equal to initial index level
|
| Initial index level: | 816.51
|
| Pricing date: | Aug. 20
|
| Settlement date: | Aug. 27
|
| Underwriter: | Bank of America Merrill Lynch
|
| Fees: | 1%
|
| Cusip: | 78008B293
|
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