RBC plans autocallable access notes tied to SPDR S&P Metals & Mining

By Toni Weeks

San Diego, Aug. 9 - Royal Bank of Canada plans to price autocallable access securities with fixed percentage buffered downside due Sept. 3, 2013 linked to the SPDR S&P Metals & Mining exchange-traded fund 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 premium if the fund's closing share price is greater than the initial share price on any of the call dates. The premium is 8% to 10% for the first call date of Sept. 4, 2012, 12% to 15% for the second call date of March 1, 2013 and 16% to 20% for the final call date of Aug. 26, 2013. The exact call premium will be determined at pricing.

If the notes are not called and the fund's final share price is at least 90% of the initial level, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% that the fund declines beyond 10%.

The notes (Cusip: 78008TMP6) are expected to price in August and settle in September.

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