New Issue: RBC prices $1.75 million absolute return barrier notes tied to S&P 500

By Marisa Wong

Madison, Wis., Sept. 27 - Royal Bank of Canada priced $1.75 million of 0% absolute return barrier notes due Sept. 30, 2014 linked to the S&P 500 index, according to a 424B2 with the Securities and Exchange Commission.

If the index return is positive, the payout at maturity will be par plus the index return, subject to a maximum return of 20.5%.

If the index return is negative or zero but the final level is greater than or equal to the barrier level, 79.5% of the initial level, the payout at maturity will be par plus the absolute value of the index decline.

If the index return is negative and the final index level is below the barrier level, investors will share in those losses.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Absolute return barrier notes
Underlying index:	S&P 500
Amount:	$1.75 million
Maturity:	Sept. 30, 2014
Coupon:	0%
Price:	Par
Payout at maturity:	If index return is positive, par plus the index return, subject to a maximum return of 20.5%; if index return is negative or zero but final level is greater than or equal to barrier level, par plus absolute value of index decline; if final index level is below barrier level, full exposure to losses
Initial index level:	1,441.59
Barrier level:	1,146.06, 79.5% of initial index level
Pricing date:	Sept. 25
Settlement date:	Sept. 28
Underwriter:	RBC Capital Markets, LLC
Fees:	1.75%, used for selling concessions
Cusip:	78008SJP2

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