RBC plans autocallable access notes linked to S&P 500 via Wells Fargo

By Toni Weeks

San Diego, Oct. 6 - Royal Bank of Canada plans to price 0% autocallable access securities with fixed percentage buffered downside due Nov. 1, 2013 linked to the S&P 500 index via Wells Fargo Securities, LLC, 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 greater than the initial level on any of three call dates. The premium is 7% to 9% for the first call date of Nov. 1, 2012, 10.5% to 13.5% for the second call date of May 1, 2013 and 14% to 18% for the final call date of Oct. 25, 2013. The exact call premiums will be set at pricing.

If the notes are not called and the final index level is at least 90% of the initial level, the payout at maturity will be par. Investors will lose 1% for every 1% decline in the index beyond the 10% buffer.

The notes (Cusip: 78008TVU5) are expected to price in October and settle in November.

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