New Issue: RBC prices $4.06 million digital return notes with barrier on the Dow

By Susanna Moon

Chicago, Dec. 12 - Royal Bank of Canada priced $4.06 million of 0% buffered return notes due July 6, 2016 linked to the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.

If the index finishes at or above the initial level, the payout at maturity will be par plus the greater of the gain and a digital return of 15.5%.

Investors will receive par if the index falls by up to 15% and will lose 1.1765% for every 1% decline beyond 15%.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Buffered return notes
Underlying index:	Dow Jones industrial average
Amount:	$4,061,000
Maturity:	July 6, 2016
Coupon:	0%
Price:	Par
Payout at maturity:	If index gains, par plus return floor of 15.5%; par if index falls by up to 15%; 1.1765% loss for every 1% decline beyond 15%
Initial level:	13,185
Pricing date:	Dec. 10
Settlement date:	Dec. 17
Underwriter:	RBC Capital Markets, LLC
Fees:	1.5%
Cusip:	78008SSZ0

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