New Issue: RBC prices $250,000 contingent coupon barrier autocalls with memory on Biotech ETF

By Kiku Steinfeld

Chicago, Feb. 17 – Royal Bank of Canada priced $1.03 million of autocallable contingent coupon barrier notes with memory coupon due Nov. 19, 2025 linked to the SPDR S&P Biotech ETF, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay a contingent quarterly coupon at an annual rate of 9.6% if the fund closes at or above its 60% coupon barrier on the observation date for that quarter, plus any previously unpaid coupon.

The notes will be automatically called at par if the fund closes its initial level on any quarterly observation date after six months.

The payout at maturity will be par unless the fund finishes below its 60% trigger price, in which case investors will be fully exposed to the decline.

RBC Capital Markets, LLC is the agent.

Issuer:	Royal Bank of Canada
Issue:	Autocallable contingent coupon barrier notes with memory coupon
Underlying fund:	SPDR S&P Biotech ETF
Amount:	$250,000
Maturity:	Nov. 19, 2025
Coupon:	9.6%, payable quarterly if fund closes at or above coupon barrier on observation date for that quarter, plus any previously unpaid coupon
Price:	Par
Payout at maturity:	Par unless fund finishes below trigger price, in which case full exposure to loss
Call:	At par if fund closes above initial level on any quarterly review date after six months
Initial level:	$84.07
Trigger price/coupon barrier:	$50.4, 60% of initial level
Pricing date:	Nov. 14, 2022
Settlement date:	Nov. 17, 2022
Agent:	RBC Capital Markets, LLC
Fees:	2.25%
Cusip:	78016H4Z0

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