New Issue: RBC prices $19.64 million notes linked to Raymond James 2023 best picks basket

By Kiku Steinfeld

Chicago, April 14 – Royal Bank of Canada priced $19.64 of notes due Dec. 20, 2023 linked to an equally weighted basket of stocks that make up the Raymond James Analysts’ Best Picks for 2023, according to a 424B2 filing with the Securities and Exchange Commission.

The 19 reference stocks are Allstate Corp., APA Corp., Boston Scientific Corp., Clean Harbors, Inc., Copa Holdings SA, CubeSmart, Encompass Health Corp., Equinix, Inc., Fidelity National Information Services, Inc., First Republic Bank, Intercontinental Exchange, Inc., Juniper Networks, Inc., Mobileye Global Inc., Dave & Buster's Entertainment, Inc., Planet Fitness, Inc., TD Synnex Corp., Target Corp., Wesco International, Inc. and Weyerhaeuser Co.

TD Synnex was previously Synnex Corp. before it merged with Tech Data.

The stocks were selected in December by the equity research department at Raymond James & Associates, Inc. The Raymond James analysts' goal in selecting the Best Picks for 2023 was to identify stocks that will be able to sustain operational growth and price appreciation over a 12-month period.

Interest is payable quarterly. The amount of interest to be paid will depend on the total dividends paid on the reference stocks during the preceding quarter. The amount of interest will be the sum of the dividends multiplied by the 99.05% participation rate.

The payout at maturity will be par of $1,000 times 99.05% times the basket level percentage. Because of the participation rate, investors will receive less than par if the basket does not gain by at least 100.96%.

RBC Capital Markets, LLC is the agent with Raymond James acting as the agent for distribution.

Issuer:	Royal Bank of Canada
Issue:	Notes
Underlying stocks:	Allstate Corp. (ALL), APA Corp. (APA), Boston Scientific Corp. (BSX), Clean Harbors, Inc. (CLH), Copa Holdings SA (CPA), CubeSmart (CUBE), Encompass Health Corp. (EHC), Equinix, Inc. (EQIX), Fidelity National Information Services, Inc. (FIS), First Republic Bank (FRC), Intercontinental Exchange, Inc. (ICE), Juniper Networks, Inc. (JNPR), Mobileye Global Inc. (MBLY), Dave & Buster's Entertainment, Inc. (PLAY), Planet Fitness, Inc. (PLNT), TD Synnex Corp. (SNX), Target Corp. (TGT), Wesco International, Inc. (WCC) and Weyerhaeuser Co. (WY); equally weighted
Amount:	$19,635,000
Maturity:	Dec. 20, 2023
Coupon:	Payable quarterly; amount will be 99.05% of sum of all dividends paid during the preceding quarter
Price:	Par
Payout at maturity:	Par times 99.05% times the basket level percentage; because of participation rate, investors will receive less than par if the basket does not gain by at least 100.96%
Initial basket level:	Arithmetic mean of each stock’s closing price on four consecutive averaging dates beginning Dec. 13, 2022 and ending Dec. 16, 2022
Final basket level:	Arithmetic mean of each stock’s closing price on four consecutive averaging dates beginning Dec. 13, 2023 and ending Dec. 18, 2023
Pricing date:	Dec. 13, 2022
Settlement date:	Dec. 19, 2022
Agent:	RBC Capital Markets, LLC with Raymond James acting as agent for distribution
Fees:	0%
Cusip:	78015QCX7

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