New Issue: RBC prices $4.65 million barrier notes linked to S&P 500

By Angela McDaniels

Tacoma, Wash., April 27 – Royal Bank of Canada priced $4.65 million of 0% barrier notes due Aug. 8, 2016 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index return is positive, the payout at maturity will be par plus the index return.

If the index return is negative and the index’s closing level remains at or above the barrier level, 84.9% of the initial level, throughout the life of the notes, the payout will be par.

If the index return is negative and the index’s closing level falls below the barrier level on any day during the life of the notes, investors will be fully exposed to the index’s decline at maturity.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Barrier notes
Underlying index:	S&P 500
Amount:	$4,651,000
Maturity:	Aug. 8, 2016
Coupon:	0%
Price:	Par
Payout at maturity:	If index return is positive, par plus index return; if index return is negative and index’s closing level remains at or above barrier level throughout life of notes, par; otherwise, full exposed to index’s decline at maturity
Initial level:	2,117.69
Barrier level:	1,797.92, 84.9% of initial level
Pricing date:	April 24
Settlement date:	May 8
Underwriter:	RBC Capital Markets, LLC
Fees:	None
Cusip:	78010UJ24

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