New Issue: RBC sells $625,000 barrier absolute return notes on S&P, Dow, Stoxx

By Kiku Steinfeld

Chicago, May 22 – Royal Bank of Canada priced $625,000 of 0% barrier absolute return notes due April 17, 2024 linked to the worse performing of the S&P 500 index, the Euro Stoxx 50 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.

If each index finishes at or above its initial level, the payout at maturity will be par plus thereturn of the lesser performing index, capped at 106.3%.

If the lesser performing index falls by up to 35%, the payout will be par plus the absolute value of the return of the lesser performing index.

If the lesser performing index falls by more than 35%, investors will lose 1% for every 1% decline of the lesser performing index below its initial level.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Barrier absolute return notes
Underlying indexes:	S&P 500, Dow Jones industrial average, Euro Stoxx 50
Amount:	$625,000
Maturity:	April 17, 2024
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus any gain of lesser performing index, capped at 106.3%; par plus absolute value of return of lesser performing index if it falls by up to 35%; otherwise, full exposure to decline of worse performing index from its initial level
Initial levels:	4,126.68 for S&P, 34,189.97 for Dow, 3,983.17 for Stoxx
Barrier levels:	2,389.90 for S&P, 20,513.98 for Dow, 2,476.01 for Stoxx; 65% of initial level
Pricing date:	Jan. 13, 2023
Settlement date:	Jan. 19, 2023
Agent:	RBC Capital Markets, LLC
Fees:	0.65%
Cusip:	78016HNJ5

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