By Kiku Steinfeld
Chicago, Feb. 17 – Royal Bank of Canada priced $309,000 of autocallable contingent coupon barrier notes with memory coupon due Nov. 19, 2025 linked to the common stock of Alphabet Inc., according to a 424B2 filing with the Securities and Exchange Commission.
The notes pay a contingent quarterly coupon at an annual rate of 9% if the stock closes at or above its coupon barrier price, 60% of its initial price, on the corresponding observation date, plus any previously unpaid coupon.
The notes will be called at par plus coupon if the stock closes at or above its initial level on any quarterly observation date after six months.
If the notes are not called and the stock finishes at or above its 60% final barrier price, the payout at maturity will be par plus the final coupon. Otherwise, investors will lose 1% for every 1% decline of the stock from initial share price.
RBC Capital Markets, LLC is the agent.
| Issuer: | Royal Bank of Canada
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| Issue: | Autocallable contingent coupon barrier notes with memory coupon
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| Underlying stock: | Alphabet Inc.
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| Amount: | $309,000
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| Maturity: | Nov. 19, 2025
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| Coupon: | 9% annual rate, payable quarterly if stock closes at or above coupon barrier price on the corresponding observation date, plus any previously unpaid coupon
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| Price: | Par
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| Payout at maturity: | Par plus the final coupon if stock finishes at or above final barrier; otherwise, full exposure to loss
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| Call: | At par plus coupon if stock closes at or above initial level on any quarterly observation date after six months
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| Initial share price: | $95.70
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| Coupon barrier price: | $57.42; 60% of initial share price
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| Trigger price: | $57.42; 60% of initial share price
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| Pricing date: | Nov. 14, 2022
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| Settlement date: | Nov. 17, 2022
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| Agent: | RBC Capital Markets, LLC
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| Fees: | 2.25%
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| Cusip: | 78016H5P1
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