RBC plans six-month Stars linked to S&P 500 index via Merrill Lynch

By Jennifer Chiou

New York, March 24 - Royal Bank of Canada plans to price six-month 0% Strategic Accelerated Redemption Securities linked to the S&P 500 index, according to an FWP with the Securities and Exchange Commission.

If the index closes at or above the initial index level on the observation date, the notes will be called at par of $10 plus a premium of 5% to 10% per year. The exact premium will be set at pricing.

The payout at maturity will be par plus the index return.

The notes will price in April and settle in May.

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

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