New Issue: RBC prices $11.81 million Stars due 2016 linked to S&P 500 index

By Marisa Wong

Madison, Wis., March 30 – Royal Bank of Canada priced $11.81 million of 0% Strategic Accelerated Redemption Securities due April 15, 2016 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 a quarterly observation date, the notes will be called at par of $10 plus an annualized call premium of 9.015%. The observation dates are on Sept. 18, Dec. 18, 2015 and April 8, 2016.

If the notes are not called, investors will be exposed to any losses.

BofA Merrill Lynch is the agent.

Issuer:	Royal Bank of Canada
Issue:	Strategic Accelerated Redemption Securities
Underlying index:	S&P 500
Amount:	$11,810,740
Maturity:	April 15, 2016
Coupon:	0%
Price:	Par of $10
Payout at maturity:	Investors will be exposed to any losses
Call:	Par plus 9.015% per year if index closes at or above its initial level on Sept. 18, Dec. 18, 2015 or April 8, 2016
Initial level:	2,056.15
Pricing date:	March 26
Settlement date:	April 2
Agent:	BofA Merrill Lynch
Fees:	1.25%
Cusip:	78011X464

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