New Issue: RBC prices $6.89 million autocallable access notes linked to S&P 500

By Angela McDaniels

Tacoma, Wash., May 1 - Royal Bank of Canada priced $6.89 million of 0% autocallable access securities with fixed percentage buffered downside due May 2, 2014 linked to the S&P 500 index via Wells Fargo Securities, LLC, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be automatically called at par plus a call premium of 7% per year if the closing index level is greater than or equal to the initial level on May 2, 2013, Nov. 4, 2013 or April 25, 2014.

If the notes are not called and the final index level is at least 90% of the initial level, the payout at maturity will be par. Investors will lose 1% for every 1% decline in the index beyond the 10% buffer.

Issuer:	Royal Bank of Canada
Issue:	Autocallable access securities with fixed percentage buffered downside
Underlying index:	S&P 500
Amount:	$6,894,000
Maturity:	May 2, 2014
Coupon:	0%
Price:	Par
Payout at maturity:	Par if final index level is not below buffer level; otherwise, 1% loss for every 1% decline beyond buffer
Call:	At par plus premium of 7% per year if index level is at or above initial level on May 2, 2013, Nov. 4, 2013 or April 25, 2014
Initial index level:	1,403.36
Buffer level:	1,263.02, 90% of initial level
Pricing date:	April 27
Settlement date:	May 2
Underwriter:	Wells Fargo Securities, LLC
Fees:	1.75%
Cusip:	78008T4G6

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