New Issue: RBC sells $849,000 autocallable contingent coupon barrier notes on biotech ETF

By Kiku Steinfeld

Chicago, Nov. 6 – Royal Bank of Canada priced $849,000 of 0% autocallable contingent coupon barrier notes due Jan. 17, 2019 linked to the SPDR S&P Biotech exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a quarterly coupon at an annual rate of 11.4% if the fund closes above its trigger level, 70% of its initial level, on the review date for that quarter.

The notes will be called at par plus the coupon if the fund closes above its initial price on any review date.

The payout at maturity will be par plus the final coupon unless the fund closes below the 70% trigger level, in which case investors will be fully exposed to the fund’s decline from its initial level.

RBC Capital Markets, LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Autocallable contingent coupon barrier notes
Underlying fund:	SPDR S&P Biotech ETF
Amount:	$849,000
Maturity:	April 6, 2026
Coupon:	11.4%, payable quarterly if fund closes at or above trigger level on observation date for that quarter
Price:	Par of $1,000
Payout at maturity:	Par unless fund finishes below trigger level, in which case 1% loss for each 1% decline
Call:	At par if fund closes at or above initial price on any quarterly observation date
Initial stock price:	$76.21
Trigger price:	$53.35; 70% of initial levels
Pricing date:	March 31, 2023
Settlement date:	April 5, 2023
Agents:	RBC Capital Markets, LLC
Fees:	2%
Cusip:	78016HWD8

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