New Issue: RBC prices $406,000 barrier absolute enhanced return notes linked to S&P

By Angela McDaniels

Tacoma, Wash., March 21 – Royal Bank of Canada priced $406,000 of 0% barrier absolute enhanced return notes due July 3, 2025 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 the initial index level, the payout at maturity will be par plus 125% of the index return, subject to a maximum return of 20%.

If the final index level is less than or equal to the initial index level but greater than or equal to the barrier level, 70% of the initial index level, the payout will be par plus the absolute value of the index return.

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

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Barrier absolute enhanced return notes
Underlying index:	S&P 500 index
Amount:	$406,000
Maturity:	July 3, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	If final index level is greater than initial index level, par plus 125% of index return, subject to maximum return of 20%; if final index level is less than or equal to initial index level but greater than or equal to barrier level, par plus absolute value of index return; otherwise, 1% loss for every 1% that index declines from initial level
Initial level:	4,450.38
Barrier level:	70% of initial level
Pricing date:	June 30, 2023
Settlement date:	July 6, 2023
Agent:	RBC Capital Markets, LLC
Fees:	0.306%
Cusip:	78016NFH5

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