New Issue: RBC prices $360,000 principal-protected barrier notes linked to S&P 500

By Angela McDaniels

Tacoma, Wash., April 28 - Royal Bank of Canada priced $360,000 of zero-coupon principal-protected barrier notes due April 30, 2010 linked to the S&P 500 index, according to a 424B5 filing with the Securities and Exchange Commission.

If the index remains at or below the upper barrier - 124% of the initial index level - throughout the life of the notes and the final index return is positive, the payout at maturity will be par plus the index return.

If the index closes above the upper barrier during the life of the notes or if the final index return is flat or negative, the payout at maturity will be par.

RBC Capital Markets Corp. is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Principal-protected barrier notes
Underlying index:	S&P 500
Amount:	$360,000
Maturity:	April 30, 2010
Coupon:	0%
Price:	Par
Payout at maturity:	If index remains at or below upper barrier during life of notes and final index return is positive, par plus the index return; if index closes above upper barrier during life of notes or if final index return is flat or negative, par
Initial index level:	1,397.84
Upper barrier level:	1,733.32, 124% of initial level
Pricing date:	April 25
Settlement date:	April 30
Underwriter:	RBC Capital Markets Corp.
Fees:	2.25%

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