By Marisa Wong
Madison, Wis., June 30 – Royal Bank of Canada priced $12.26 million of 0% Strategic Accelerated Redemption Securities due July 10, 2015 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.
If the index closes at or above its initial level on any quarterly observation date, the notes will be called at par of $10 plus an annualized call premium of 7.22%.
If the notes are not called and the index finishes at or above the initial value, the payout at maturity will be par.
Otherwise, investors will be exposed to any losses.
BofA Merrill Lynch is the agent.
Issuer: | Royal Bank of Canada
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Issue: | Strategic Accelerated Redemption Securities
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Underlying index: | S&P 500
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Amount: | $12,256,330
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Maturity: | July 10, 2015
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Coupon: | 0%
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Price: | Par of $10
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Payout at maturity: | If index finishes at or above initial value, par; otherwise, investors will be exposed to any losses
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Call: | Par plus 7.22% per year if index closes at or above its initial level on any quarterly observation date
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Initial level: | 1,957.22
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Pricing date: | June 26
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Settlement date: | July 3
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Agent: | BofA Merrill Lynch
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Fees: | 1.25%
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Cusip: | 78011X803
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