RBC plans Accelerated Return Notes tied to S&P MidCap 400 index

By Toni Weeks

San Luis Obispo, Calif., Feb. 27 – Royal Bank of Canada plans to price 0% Accelerated Return Notes due May 2016 linked to the S&P MidCap 400 index, according to an FWP filing with the Securities and Exchange Commission.

BofA Merrill Lynch is the agent.

The payout at maturity is par of $10.00 plus triple any gain in the index, up to a maximum return of 9% to 13% that will be set at pricing. The exact maximum return will be determined at pricing. Investors will be fully exposed to any index decline.

The notes are expected to price in March and settle in April.

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