New Issue: RBC sells $621,000 buffer absolute return notes linked to S&P, Russell

By Kiku Steinfeld

Chicago, April 27 – Royal Bank of Canada priced $621,000 of 0% buffer absolute return notes due Jan. 26, 2024 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

If each index finishes at or above its initial level, the payout will be par plus the return of the lesser performing index, subject to a maximum payout of par plus 13%.

If either index finishes flat or falls by up to 15%, the payout will be par plus the absolute value of the return of that index.

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

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Buffer absolute return notes
Underlying indexes:	S&P 500, Russell 2000 index
Amount:	$621,000
Maturity:	Jan. 26, 2024
Coupon:	0%
Price:	Par
Payout at maturity:	If each index finishes at or above its initial level, par plus the return of the lesser performing index capped at 13%; if either index finishes flat or falls by up to buffer level, par plus the absolute value of the return of that index; otherwise, 1% loss for every 1% decline of the lesser performing index beyond the buffer
Initial levels:	3,844.82 for S&P, 1,760.932 for Russell
Buffer levels:	3,268.10 for S&P, 1,496.792 for Russell, 85% of initial levels
Pricing date:	Dec. 23, 2022
Settlement date:	Dec. 29, 2022
Agent:	RBC Capital Markets, LLC
Fees:	2.1%
Cusip:	78016HDN7

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