New Issue: RBC sells $580,000 10.5% autocallable fixed-coupon barrier notes on Southwest

Chicago, Oct. 2 – Royal Bank of Canada priced $580,000 of 10.5% autocallable fixed-coupon barrier notes due April 24, 2024 tied to the shares of Southwest Airlines Co., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The notes will be automatically called early at par starting after six months if the stock closes above its initial level on any quarterly call observation date.

At maturity investors will receive par unless the stock finishes below its 60% barrier price, in which case investors will be fully exposed to the decline in the stock price, payable either in shares or cash at issuer’s option.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Autocallable fixed-coupon barrier notes
Underlying stock:	Southwest Airlines Co.
Amount:	$580,000
Maturity:	April 24, 2024
Coupon:	10.5% per year, payable monthly
Price:	Par of $10,000
Payout at maturity:	Par unless stock finishes below barrier level, in which case full exposure to loss of stock
Call:	Automatically at par if stock closes above initial level on any quarterly call observation date starting after six months
Initial price:	$32.45
Barrier level:	$19.47, 60% of initial level
Pricing date:	April 19, 2023
Settlement date:	April 24, 2023
Agent:	RBC Capital Markets, LLC
Fees:	1%
Cusip:	78015QES6

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