New Issue: RBC prices $26.64 million buffered equity notes linked to S&P 500

By Marisa Wong

Madison, Wis., Dec. 20 - Royal Bank of Canada priced $26.64 million of 0% buffered equity index-linked notes due Feb. 4, 2015 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the final index level is at least 82% of the initial level, the payout at maturity will equal the digital payment of $1,091 per $1,000 principal amount of notes.

Otherwise, investors will lose 1.2195% for every 1% decline beyond the 18% buffer.

The initial level was set lower than the closing level of the index on the pricing date.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Buffered equity index-linked notes
Underlying index:	S&P 500
Amount:	$26,644,000
Maturity:	Feb. 4, 2015
Coupon:	0%
Price:	Par
Payout at maturity:	If index finishes at or greater than 82% of the initial level, $1,091 per $1,000 principal amount; 1.2195% loss per 1% drop beyond 18%
Initial index level:	1,436.25 (lower than closing level of index on pricing date, which was 1,446.79)
Pricing date:	Dec. 18
Settlement date:	Dec. 26
Underwriter:	RBC Capital Markets, LLC
Fees:	1.57%
Cusip:	78008STG1

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