New Issue: RBC prices $1.07 million access notes on SPDR S&P Metals & Mining fund

By Toni Weeks

San Diego, Oct. 3 - Royal Bank of Canada priced $1.07 million of autocallable access securities with fixed percentage buffered downside due Oct. 3, 2013 linked to the SPDR S&P Metals & Mining exchange-traded fund via Wells Fargo Securities, LLC, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be automatically called at par plus a premium if the fund's closing share price is greater than the initial share price on any of the call dates. The premium is 15.25% for the first call date of Oct. 3, 2012, 22.875% for the second call date of April 3, 2013 and 30.5% on the final call date of Sept. 26, 2013.

If the notes are not called and the fund's final share price is at least 90% of the initial level, the payout at maturity will be par. Investors will lose 1% for every 1% that the fund declines beyond 10%.

Issuer:	Royal Bank of Canada
Issue:	Autocallable access securities
Underlier:	SPDR S&P Metals & Mining exchange-traded fund
Amount:	$1,069,000
Maturity:	Oct. 3, 2013
Coupon:	0%
Price:	Par
Payout at maturity:	Par if fund return has not declined by more than 10%; otherwise, 1% loss for every 1% decline in fund return
Call:	If final share price is greater than initial share price on any of three call dates; at 15.25% on Oct. 3, 2012, 22.875% on April 3, 2013 and 30.5% on Sept. 26, 2013
Initial fund price:	$46.38
Buffer level:	$41.74, 90% of initial price
Pricing date:	Sept. 29
Settlement date:	Oct. 4
Underwriter:	Wells Fargo Securities, LLC
Fees:	2%
Cusip:	78008TRZ9

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