New Issue: RBC prices $1 million contingent coupon barrier notes linked to S&P

By Kiku Steinfeld

Chicago, March 27 – Royal Bank of Canada priced $1 million of contingent coupon barrier notes due Dec. 5, 2023 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a quarterly coupon at an annual rate of 8.3% if the index closes at or above its coupon barrier level, 60% of its initial level, on the observation date for that period.

The payout at maturity will be par plus the final coupon unless the index finishes below the 60% trigger level, in which case investors will lose 1% for each 1% that the index declines from initial level.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Contingent coupon barrier notes
Underlying index:	S&P 500 index
Amount:	$1 million
Maturity:	Dec. 5, 2023
Coupon:	8.3%, payable quarterly if the index closes at or above coupon barrier level on observation date for that period
Price:	Par
Payout at maturity:	Par plus coupon unless the index finishes below trigger level, in which case investors will lose 1% for each 1% that the index declines from initial level
Initial index level:	4,080.11
Coupon barrier:	2,448.07; 60% of initial index level
Trigger level:	2,448.07; 60% of initial index level
Pricing date:	Nov. 30, 2022
Settlement date:	Dec. 5, 2022
Agent:	RBC Capital Markets, LLC
Fees:	None
Cusip:	78016HCB4

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