New Issue: RBC prices $2.11 million buffered return notes on S&P GSCI Light Energy

By Jennifer Chiou

New York, July 23 - Royal Bank of Canada priced $2.11 million of 0% buffered return notes due July 24, 2015 linked to the S&P GSCI Light Energy Index Excess Return, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus 0.85% for each 1% index gain.

Investors will receive par if the index falls by up to 20% and will lose 1% for each 1% decline in the index beyond 20%.

RBC Capital Markets Corp. is the agent.

Issuer:	Royal Bank of Canada
Issue:	Buffered return notes
Underlying index:	S&P GSCI Light Energy-Excess Return
Amount:	$2,109,000
Maturity:	July 24, 2015
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 0.85% for each 1% index gain; par if index falls by up to 20% and 1% loss for each 1% decline beyond 20%
Initial level:	280.3838
Buffer level:	224.3070, 80% of initial level
Pricing date:	July 21
Settlement date:	July 26
Agent:	RBC Capital Markets Corp.
Fees:	0.5% plus 2% to RBC for hedging profits
Cusip:	78008KDX8

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