New Issue: RBC prices $6.55 million contingent return notes linked to S&P 500

By Marisa Wong

Madison, Wis., Jan. 30 - Royal Bank of Canada priced $6.55 million of 0% contingent return optimization securities due Jan. 30, 2015 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index finishes at or above the 80% trigger level, the payout at maturity will be par of $10 plus the greater of the 5% contingent return and any index gain, up to a maximum return of 22.25%.

Otherwise, investors will be fully exposed to losses if the index falls by more than 20%.

RBC Capital Markets, LLC and UBS Financial Services Inc. are the agents.

Issuer:	Royal Bank of Canada
Issue:	Contingent return optimization securities
Underlying index:	S&P 500 index
Amount:	$6,547,240
Maturity:	Jan. 30, 2015
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If index finishes at or above trigger level, par plus greater of 5% contingent return and any index gain, up to a maximum return of 22.25%; full exposure to losses if index falls by more than 20%
Initial level:	1,500.18
Trigger level:	1,200.14, 80% of initial level
Pricing date:	Jan. 28
Settlement date:	Jan. 31
Agents:	RBC Capital Markets, LLC and UBS Financial Services Inc.
Fees:	2%
Cusip:	78008W784

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