New Issue: RBC prices $120,000 market-linked notes with contingent absolute return on S&P

By Kiku Steinfeld

Chicago, Nov. 3 – Royal Bank of Canada priced $120,000 of 0% market-linked securities – upside participation with contingent absolute return and contingent downside due April 5, 2028 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus any gain of the index. If the index falls but finishes at or above 65% of its initial level, the payout will be par plus the absolute value of the index return.

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

Wells Fargo Securities, LLC is the agent for distribution.

Issuer:	Royal Bank of Canada
Issue:	Market-linked securities – upside participation with contingent absolute return and contingent downside
Underlying index:	S&P 500 index
Amount:	$120,000
Maturity:	April 5, 2028
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus any gain; if index falls but finishes at or above 65% of its initial level, par plus the absolute value of the index return; otherwise, full exposure to losses
Initial level:	4,109.31
Trigger level:	2,671.052; 65% of initial level
Pricing date:	March 31, 2023
Settlement date:	April 5, 2023
Agent:	Wells Fargo Securities, LLC
Fees:	3.87%
Cusip:	78016HTK6

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