New Issue: RBC sells $526,000 issuer callable contingent coupon barrier notes tied to S&P

By Kiku Steinfeld

Chicago, July 28 – Royal Bank of Canada priced $526,000 issuer callable contingent coupon barrier notes due Feb. 26, 2025 tied to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a monthly contingent coupon at an annual rate of 7.5% if the index closes above its 65% coupon barrier on any observation date for that month.

After six months, the notes may be called at par plus any coupon due at the option of the issuer on any quarterly coupon payment date.

Investors will receive par if the final level of the index is above its 63% trigger level.

Otherwise, investors will be fully exposed to the losses of the index.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Issuer callable contingent coupon barrier notes
Underlying index:	S&P 500 index
Amount:	$526,000
Maturity:	Feb. 26, 2025
Coupon:	7.5% per year, paid monthly if index closes above coupon barrier related observation date for that month
Price:	Par
Payout at maturity:	Par unless index closes below trigger level, in which case full exposure to losses of index
Call option:	After six months, at par plus any coupon due at the option of the issuer on any quarterly coupon payment date
Initial levels:	3,997.34
Coupon barrier levels:	2,598.27, 65% of initial levels
Trigger levels:	2,518.32, 63% of initial levels
Pricing date:	Feb. 21, 2023
Settlement date:	Feb. 24, 2023
Agent:	RBC Capital Markets, LLC
Fees:	0.65%
Cusip:	78016HST8

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