New Issue: RBC prices $2.9 million trigger step securities linked to S&P 500

By Angela McDaniels

Tacoma, Wash., March 13 – Royal Bank of Canada priced $2.9 million of 0% trigger step securities due June 30, 2028 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the final index level is greater than or equal to the initial index level, the payout at maturity will be par plus the greater of the index return and 41.7%.

If the index return is negative and the final index level is greater than or equal to the downside threshold, 75% of the initial index level, the payout will be par.

If the final index level is less than the downside threshold, investors will lose 1% for every 1% that the index declines from its initial level.

UBS Financial Services Inc. is the agent.

Issuer:	Royal Bank of Canada
Issue:	Trigger step securities
Underlying index:	S&P 500 index
Amount:	$2,899,300
Maturity:	June 30, 2028
Coupon:	0%
Price:	Par
Payout at maturity:	If final index level is greater than or equal to initial index level, par plus greater of index return and 41.7%; if index return is negative and final index level is greater than or equal to downside threshold, par; otherwise, 1% loss for every 1% that index declines from initial level
Initial level:	4,378.41
Downside threshold:	3,283.81, or 75% of initial level
Pricing date:	June 27, 2023
Settlement date:	June 30, 2023
Agent:	UBS Financial Services Inc.
Fees:	3.5%
Cusip:	78016M497

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