New Issue: RBC prices $850,000 barrier absolute enhanced return notes linked to S&P 500

By Kiku Steinfeld

Chicago, Feb. 21 – Royal Bank of Canada priced $850,000 of barrier absolute enhanced return notes due Nov. 13, 2025 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index finishes at or above its initial level, the payout at maturity will be par plus 1.1 times the index return, capped at 170.7%.

If the index declines up to the barrier level, 70% of the initial index level, the payout will be par plus the absolute value of the index return.

Otherwise, investors will lose 1% for every 1% decline of the index from its initial level.

RBC Capital Markets LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Barrier absolute enhanced return notes
Underlying index:	S&P 500 index
Amount:	$850,000
Maturity:	Nov. 13, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	If index finishes at or above its initial level, par plus 1.1 times the index return, capped at 170.7%; if index declines no more than 30%, par plus absolute value of index return; otherwise, full exposure to the index’s decline from its initial level
Initial index level:	3,956.37
Barrier level:	2,769.46; 70% of initial level
Pricing date:	Nov. 10, 2022
Settlement date:	Nov. 16, 2022
Underwriter:	RBC Capital Markets LLC
Fees:	0.75%
Cusip:	78016H6H8

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