New Issue: RBC prices $613,000 bullish barrier return notes with digital coupon linked to S&P 500

By Angela McDaniels

Tacoma, Wash., June 17 - Royal Bank of Canada priced $613,000 of bullish barrier return notes with digital coupon due July 19, 2012 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is positive, the payout at maturity will be par plus the digital coupon of 10.75%.

If the index return is zero or negative and the final index level is at least 85% of the initial level, the payout will be par plus 1%.

If the final index level is less than 85% of the initial level, investors will be fully exposed to the index decline from the initial level.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Bullish barrier return notes with digital coupon
Underlying index:	S&P 500
Amount:	$613,000
Maturity:	July 19, 2012
Price:	Par
Payout at maturity:	If index return is positive, par plus 10.75%; if index return is zero or negative and final index level is greater than or equal to barrier level, par plus 1%; if final index level is less than barrier level, par plus index return
Initial index level:	1,265.42
Barrier level:	1,075.61, 85% of initial level
Pricing date:	June 15
Settlement date:	June 20
Underwriter:	RBC Capital Markets, LLC
Fees:	0.25%
Cusip:	78008TEZ3

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