New Issue: RBC prices $2.3 million growth securities on S&P 500 via Wells Fargo

By Susanna Moon

Chicago, Dec. 30 - Royal Bank of Canada priced $2.3 million of 0% growth securities with capped upside and fixed percentage buffered downside due July 6, 2015 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

Wells Fargo Securities, LLC is the underwriter.

The payout at maturity will be par plus 1.5 times any gain in the index, up to a maximum payout of $1,530 per $1,000 principal amount of notes.

Investors will receive par if the index falls by up to 10% and will be exposed to any decline beyond 10%.

Issuer:	Royal Bank of Canada
Issue:	Growth securities with capped upside and fixed percentage buffered downside
Underlying index:	S&P 500
Amount:	$2,304,000
Maturity:	July 6, 2015
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 150% of any index gain, capped at 53%; par if index falls by 10% or less; exposure to losses beyond 10%
Initial index level:	1,249.64
Buffer level:	1,124.68, 90% of initial level
Pricing date:	Dec. 28
Settlement date:	Jan. 3
Underwriter:	Wells Fargo Securities, LLC
Fees:	2%
Cusip:	78008TZU1

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