New Issue: RBC prices $175,000 contingent coupon barrier autocalls with memory on Ford

By Kiku Steinfeld

Chicago, April 18 – Royal Bank of Canada priced $175,000 of autocallable contingent coupon barrier notes with memory coupon due July 17, 2026 linked to Ford Motor Co. stock, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 10% if the stock closes at or above its 60% coupon barrier on the observation date for that period, plus any previously unpaid coupon.

The notes will be automatically called at par if the stock closes its initial level on any quarterly observation date starting Jan. 16, 2024.

The payout at maturity will be par due unless the stock finishes below its 60% trigger price, in which case investors will be fully exposed to the decline.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Autocallable contingent coupon barrier notes with memory coupon
Underlying stock:	Ford Motor Co.
Amount:	$175,000
Maturity:	July 17, 2026
Coupon:	10% annual rate, payable quarterly if stock closes at or above coupon barrier on observation date for that period, plus any previously unpaid coupon
Price:	Par
Payout at maturity:	Par plus unless stock finishes below trigger price, in which case full exposure to loss
Call:	At par if stock closes above initial level on any quarterly review date starting Jan. 16, 2024
Initial level:	$14.98
Coupon barrier/trigger level:	$8.99, 60% of initial level
Pricing date:	July 14, 2023
Settlement date:	July 19, 2023
Agent:	RBC Capital Markets, LLC
Fees:	2.25%
Cusip:	78016NLZ8

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