New Issue: Merrill Lynch sells $40.23 million Accelerated Return Notes linked to S&P 500 for RBC

By Susanna Moon

Chicago, Sept. 27 - Royal Bank of Canada priced $40.23 million of 0% Accelerated Return Notes due Nov. 25, 2011 based on the performance of the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

Merrill Lynch, Pierce, Fenner & Smith Inc. is the underwriter.

The payout at maturity will be par of $10.00 plus triple any gain in the index, up to a maximum payment of $11.827 per note.

Investors will be exposed to any losses.

Issuer:	Royal Bank of Canada
Issue:	Accelerated Return Notes
Underlying index:	S&P 500
Amount:	$40,234,590
Maturity:	Nov. 25, 2011
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Par plus 300% of any index gain, capped at 18.27%; exposure to any losses
Initial level:	1,124.83
Pricing date:	Sept. 23
Settlement date:	Oct. 1
Underwriter:	Merrill Lynch, Pierce, Fenner & Smith Inc.
Fees:	2%
Cusip:	78009C449

© 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.