New Issue: RBC prices $51.39 million 8.5% coupon-bearing notes on Valero

By Jennifer Chiou

New York, Jan. 24 - Royal Bank of Canada priced $51,387,170 of 8.5% coupon-bearing notes due Jan. 27, 2014 linked to Valero Energy Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable quarterly.

If Valero shares finish at or above the threshold level - 94.58%% of the initial level - the payout at maturity will be par of $10. Otherwise, investors will be exposed to losses beyond the threshold level.

Bank of America Merrill Lynch is the agent.

Issuer:	Royal Bank of Canada
Issue:	Coupon-bearing notes
Underlying stock:	Valero Energy Corp.
Amount:	$51,387,170
Maturity:	Jan. 27, 2014
Coupon:	8.5%, payable quarterly
Price:	Par of $10
Payout at maturity:	If Valero shares finish at or above threshold level, par; otherwise, 1% loss for every 1% decline beyond 5.42%
Initial price:	$36.82
Threshold level: $34.82, 94.58% of initial price
Pricing date:	Jan. 18
Settlement date:	Jan. 25
Agent:	Bank of America Merrill Lynch
Fees:	1.75%
Cusip:	78011D849

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