New Issue: RBC prices $892,000 barrier absolute return notes linked to S&P, Dow

Chicago, Feb. 11 – Royal Bank of Canada priced $892,000 of barrier absolute return notes due May 22, 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.

If each index finishes at or above its initial level, the payout at maturity will be par plus the return of the laggard index., capped at par plus 28%.

If the laggard index declines up to the barrier level, 70% of the initial index level, the payout will be par plus the absolute value of that index’s return.

Otherwise, investors will lose 1% for every 1% decline of the laggard index from its initial level.

RBC Capital Markets LLC is the underwriter.

Issuer:	Royal Bank of Canada
Issue:	Barrier absolute return notes
Underlying indexes:	S&P 500 index, Dow Jones industrial average
Amount:	$892,000
Maturity:	May 22, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	If each index finishes at or above its initial level, par plus laggard index’s return, capped at par plus 28%; if each index declines by no more than 30%, par plus absolute value of laggard index’s return; otherwise, full exposure to the decline of laggard index from initial level
Initial index levels:	4,191.98 for S&P, 33,426.63 for Dow
Barrier levels:	2,934.39 for S&P, 23,398.64 for Dow; 70% of initial levels
Pricing date:	May 19, 2023
Settlement date:	May 24, 2023
Underwriter:	RBC Capital Markets LLC
Fees:	0.65%
Cusip:	78016NBZ9

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