New Issue: RBC prices $388,000 notes linked to S&P 500, Dow Jones industrial average

By Angela McDaniels

Tacoma, Wash., March 27 – Royal Bank of Canada priced $388,000 of 0% notes due Jan. 3, 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 the lesser performing index’s final level is greater than its initial level, the payout at maturity will be par plus the lesser performing index’s return, subject to a maximum return of 12.75%. If the lesser performing index’s final level is less than or equal to its initial level, the payout will be par.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Notes
Underlying indexes:	S&P 500 index and Dow Jones industrial average
Amount:	$388,000
Maturity:	Jan. 3, 2025
Coupon:	0%
Price:	Par
Payout at maturity:	If lesser performing index’s final level is greater than initial level, par plus lesser performing index’s return, subject to maximum return of 12.75%; otherwise, par
Initial levels:	4,450.38 for S&P and 34,407.60 for Dow
Pricing date:	June 30, 2023
Settlement date:	July 6, 2023
Agent:	RBC Capital Markets, LLC
Fees:	0.155%
Cusip:	78016NFD4

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