New Issue: RBC prices $362,000 contingent coupon buffer notes linked to S&P, Dow

By Kiku Steinfeld

Chicago, March 1 – Royal Bank of Canada priced $362,000 of contingent coupon buffer notes due Nov. 21, 2025 linked to the lesser performing of the S&P 500 index and the Dow Jones industrial average, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a semiannual coupon at an annual rate of 8.7% if each index closes at or above its coupon barrier level, 70% of its initial level, on the observation date for that period.

The payout at maturity will be par unless either index finishes below 85%, in which case investors will lose 1% for each 1% that the lesser-performing index declines below 15%.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Contingent coupon buffer notes
Underlying indexes:	S&P 500 index, Dow Jones industrial average
Amount:	$362,000
Maturity:	Nov. 21, 2025
Coupon:	8.7%, payable semiannually if each index closes at or above coupon barrier level on observation date for that period
Price:	Par
Payout at maturity:	Par unless either index finishes below buffer level, in which case investors will lose 1% for each 1% that the lesser-performing index finishes beyond the 15% buffer
Initial index levels:	3,965.34 for S&P, 33,745.69 for Dow
Coupon barriers:	2,775.74 for S&P, 23,621.98 for Dow; 70% of initial index levels
Buffer levels:	3,370.54 for S&P, 28,683.84 for Dow; 85% of initial index levels
Pricing date:	Nov. 18, 2022
Settlement date:	Nov. 23, 2022
Agent:	RBC Capital Markets, LLC
Fees:	0%
Cusip:	78016H3D0

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