New Issue: RBC prices $750,000 buffered absolute return notes linked to S&P 500

By Kiku Steinfeld

Chicago, May 16 – Royal Bank of Canada priced $750,000 of 0% buffered absolute return notes due Jan. 15, 2026 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index gains, the payout will be par plus the return of the index, capped at 150% of par.

If the index finishes flat or falls by up to 15.5%, the payout will be par plus the absolute value of the return.

Otherwise, investors will lose 1% for every 1% decline of the index beyond the buffer.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Buffered absolute return notes
Underlying index:	S&P 500 index
Amount:	$750,000
Maturity:	Jan. 15, 2026
Coupon:	0%
Price:	Par
Payout at maturity:	If the gains, par plus the return of the index, capped at 150% of par; if the index finishes flat or falls by up to buffer level, par plus the absolute value of the return; otherwise, 1% loss for every 1% decline of the index beyond 15.5%
Initial level:	3,983.17
Buffer level:	3,365.78, 84.5% of initial level
Pricing date:	Jan. 12, 2023
Settlement date:	Jan. 18, 2023
Underwriter:	RBC Capital Markets, LLC
Fees:	2.5%
Cusip:	78016HNA4

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