New Issue: RBC prices $32.91 million Stars linked to Apple

By Angela McDaniels

Tacoma, Wash., March 16 – Royal Bank of Canada priced $32.91 million of 0% Strategic Accelerated Redemption Securities due March 28, 2016 linked to the common stock of Apple Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be called at par of $10 plus an annualized call premium of 20.01% if Apple stock closes at or above its initial share price on Sept. 18, 2015, Dec. 16, 2015 or March 18, 2016.

If the notes are not called, investors will experience a loss proportionate to the stock’s decline.

BofA Merrill Lynch is the agent.

Issuer:	Royal Bank of Canada
Issue:	Strategic Accelerated Redemption Securities
Underlying stock:	Apple Inc. (Nasdaq: AAPL)
Amount:	$32,909,280
Maturity:	March 28, 2016
Coupon:	0%
Price:	Par of $10
Payout at maturity:	One-to-one downside exposure to stock’s decline
Call:	At par plus 20.01% per year if Apple stock closes at or above initial share price on Sept. 18, 2015, Dec. 16, 2015 or March 18, 2016
Initial share price:	$123.93, volume-weighted average price on pricing date
Pricing date:	March 12
Settlement date:	March 19
Agent:	BofA Merrill Lynch
Fees:	1.25%Cusip:	78013B304

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