By Kiku Steinfeld
Chicago, Aug. 28 – Royal Bank of Canada priced $430,000 of 0% autocallable cumulative barrier notes due Feb. 27, 2025 linked to the VanEck Semiconductor ETF, according to a 424B2 filing with the Securities and Exchange Commission.
The notes will be called at par plus an annualized 13.5% call premium if the fund closes at or above its initial share price on any quarterly observation date after one year.
At maturity, if the fund closes above the initial level the payout will be par plus the 27% call premium.
If the fund declines but finishes above the 70% barrier price, the payout will be par.
Otherwise, investors will be fully exposed to the losses of the fund.
RBC Capital Markets, LLC is the underwriter.
| Issuer: | Royal Bank of Canada
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| Issue: | Autocallable cumulative barrier notes
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| Underlying fund: | VanEck Semiconductor ETF
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| Amount: | $430,000
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| Maturity: | Feb. 27, 2025
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| Coupon: | 0%
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| Price: | Par
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| Payout at maturity: | Par plus 27% call premium if fund closes above initial level; par if fund declines but finishes above barrier level; otherwise, full exposure to losses of fund
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| Call: | At par plus annualized 13.5% call premium if fund closes at or above initial share price on any quarterly observation date after one year
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| Initial share price: | $238.21
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| Barrier price: | $166.75, 70% of initial share price
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| Pricing date: | Feb. 24, 2023
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| Settlement date: | March 1, 2023
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| Underwriter: | RBC Capital Markets, LLC
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| Fees: | 2.5%
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| Cusip: | 78016HSF8
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