ROYAL BK CDA QUEN PFD 424B Filings

Royal Bank of Canada is offering $7,194,000 of Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon linked to Micron Technology common stock. The notes pay a contingent coupon of $46.75 per $1,000 each quarter (18.70% per year) if Micron’s share value is at or above a set threshold.

The initial Micron reference value is $435.28, with both the coupon threshold and barrier at $217.64, or 50% of that level. The notes can be automatically called quarterly starting July 27, 2026 if Micron closes at or above the initial value, returning $1,000 plus due coupons.

If not called and Micron’s final value on January 26, 2029 is at or above the barrier, investors receive full principal plus any due coupons. If the final value is below the barrier, repayment is reduced one-for-one with the stock loss, potentially down to zero. The initial estimated value of $960.90 per $1,000 is below the public offering price, and all payments depend on Royal Bank of Canada’s credit.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes linked to the capital stock of The Campbell’s Company. These unsecured debt securities can pay a monthly contingent coupon of $12.083 per $1,000 principal amount, corresponding to a 1.2083% monthly rate, or 14.50% per annum, when the share price is at or above a set threshold.

The notes can be automatically called starting about six months after issuance if the underlier’s value is at least its initial level, in which case investors receive principal plus the coupon then due. If not called, principal is protected at maturity only if the final share value is at or above 77% of the initial value; below that barrier, repayment is reduced one-for-one with the share decline, and investors can lose most or all of their investment.

The initial estimated value is expected to be between $929.00 and $979.00 per $1,000 principal amount, lower than the public offering price, reflecting internal funding, fees and hedging costs. The product involves complex risks, including issuer credit risk, market volatility, uncertain tax treatment and potential U.S. withholding for some non-U.S. holders.

Royal Bank of Canada is issuing auto-callable contingent coupon barrier notes linked to the Russell 2000, S&P 500 and EURO STOXX 50. The notes target quarterly coupons of 2.0625% (8.25% per year) when all three indexes stay at or above 70% of their initial levels on observation dates.

The notes can be automatically called quarterly (after about one year) if each index is at or above its initial level, repaying principal plus the coupon, with no further payments. If not called and the worst-performing index ends below its 70% barrier at maturity, repayment is reduced one-for-one with that loss, and investors can lose most or all of principal.

The public offering totals $1,683,000, with underwriter discounts of 2.50% and issuer proceeds of about $1,640,925. The initial estimated value is $957.40 per $1,000, reflecting internal funding and hedging costs. The notes carry significant market, credit, structural and tax risks, including uncertain U.S. tax treatment and potential U.S. withholding for non-U.S. holders.

Royal Bank of Canada is offering two primary Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon totaling $763,000 linked to Class A common stock of Airbnb, Inc. and $633,000 linked to common stock of Newmont Corporation. These three-year notes pay quarterly contingent coupons of 9.50% and 11.25% per annum, respectively, but only when the related stock closes at or above a preset coupon threshold.

The Airbnb-linked note uses an initial underlier value of $131.55 with a barrier and coupon threshold at 70% of that level, while the Newmont-linked note uses $131.95 with a 60% barrier and threshold. If, on a call observation date, the underlier is at or above its initial value, the notes are automatically called and repay principal plus any due and unpaid coupons. If the notes are not called and the final underlier value is below the barrier, repayment at maturity is reduced one-for-one with the stock decline, and investors can lose a substantial portion or all of their principal.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes linked to the common stock of NVIDIA Corporation. The notes pay a contingent coupon of $10.083 per $1,000 monthly, equal to 12.10% per annum, but only when NVIDIA’s closing value is at or above a coupon threshold set at 58% of the initial value.

The notes can be automatically called monthly starting in August 2026 if NVIDIA is at or above its initial value, in which case investors receive $1,000 plus the coupon and no further payments. If the notes are not called and NVIDIA finishes below the 58% barrier at maturity in March 2027, repayment of principal is reduced one-for-one with the decline, and investors could lose all of their investment.

The initial estimated value per $1,000 note is expected to be between $919 and $969, below the public offering price, reflecting underwriting discounts, referral fees, hedging costs and a lower internal funding rate. Payments depend on RBC’s credit, and the tax treatment is uncertain, with counsel currently viewing the notes as prepaid financial contracts with associated coupons.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes linked to the Class A common stock of Meta Platforms, Inc. at 100% of principal, in $1,000 minimum denominations. Underwriting discounts are 1.75%, so proceeds to Royal Bank of Canada are 98.25% of the price to the public.

The notes pay a contingent coupon of at least $22.50 per $1,000 per quarter (at least 9.00% per year) only if Meta’s closing value on the relevant observation date is at or above a coupon threshold set at 60% of the initial value. The notes are automatically called on any quarterly call observation date if Meta closes at or above its initial value, returning $1,000 plus the applicable coupon.

If not called, and Meta’s final value on the valuation date is at or above the 60% barrier, investors receive $1,000 plus any due coupon. If Meta finishes below the barrier, investors receive Meta shares equal to $1,000 divided by the initial value, potentially losing most or all principal. The initial estimated value per $1,000 is expected to be between $920 and $970, below the public offering price, reflecting structuring and hedging costs.

Royal Bank of Canada is issuing Capped Enhanced Return Buffer Notes linked to the EURO STOXX 50® Index, with a total public offering of $520,000 at 100% of principal and proceeds to the bank of $508,300 after underwriting discounts.

The notes run from January 30, 2026 to a maturity date of February 1, 2028, offering 200% participation in any index gains, capped at a 19% maximum return, so the maximum payment is $1,190 per $1,000 note. A 15% buffer protects principal against moderate declines, but if the index falls more than 15%, investors lose principal in line with losses beyond the buffer.

The initial estimated value is $962.80 per $1,000 note, below the public price, reflecting fees, hedging costs and RBC’s funding rate. The notes are unsecured debt subject to RBC’s credit risk and are not insured or bail-inable.

Royal Bank of Canada is offering Autocallable Strategic Accelerated Redemption Securities linked to an international equity index basket, with a public offering price of $10.00 per note and proceeds to RBC of $9.80 per note before expenses.

The notes are senior unsecured debt of RBC, pay no interest, and are fully exposed to RBC’s credit risk. They can be automatically called in February 2027, 2028 or 2029 if the basket level is at or above the 100% Call Level, paying preset Call Amounts that imply call premiums of 8.50%–9.50%, 17.00%–19.00% or 25.50%–28.50% over principal, respectively.

If the notes are not called and the final basket value is below the 100% Threshold Value, investors lose principal on a 1-for-1 basis, as illustrated by a 50% basket decline producing a $5.00 redemption per $10 note. The basket starts at 100 and combines the EURO STOXX 50 (40%), FTSE 100 (20%), Nikkei 225 (20%), Swiss Market Index (7.5%), S&P/ASX 200 (7.5%) and FTSE China 50 (5%).

The initial estimated value is expected between $9.10 and $9.60 per note, below the $10 price, reflecting RBC’s internal funding rate, a $0.20 underwriting discount and a $0.05 hedging-related charge per unit. Investors forgo dividends and conventional bond interest and may face limited liquidity.

Royal Bank of Canada is issuing Auto-Callable Enhanced Return Barrier Notes linked to a basket of five global equity indices. The basket includes the EURO STOXX 50 (40% weight), Nikkei 225 (25%), FTSE 100 (17.5%), Swiss Market Index (10%) and S&P/ASX 200 (7.5%). The total offering size is $336,000, with underwriting discounts of 3.5% and proceeds to RBC of $324,240.

The Notes may be automatically called on February 3, 2027 if the basket is at or above its initial value, paying $1,110 per $1,000 principal (an 11% return) and then terminating. If not called, they mature in January 2031. At maturity, investors get enhanced upside with a 125% participation rate if the basket has risen, full principal back if the basket is between 75% and 100% of its initial level, and one-for-one losses if it falls below the 75% barrier, meaning substantial or total loss of principal is possible.

The initial estimated value is $940.95 per $1,000 principal, below the public price, reflecting internal funding and hedging costs. The Notes are unsecured RBC debt, not insured by deposit insurers, and their value and tax treatment involve additional risks described in the accompanying documents.

Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes linked to the Bloomberg US Large Cap VolMax Index, with a total price to the public of $53,000. Investors pay 100% of principal, while RBC receives 96% after underwriting discounts.

The Notes pay a monthly contingent coupon of $10.625 per $1,000 (12.75% per annum) only when the index closes at or above a coupon threshold set at 60% of the initial value. The same 60% level acts as a barrier for principal protection at maturity.

The Notes can be automatically called quarterly if the index is at or above its initial value, returning principal plus the contingent coupon. If held to maturity and the final index value falls below the barrier, repayment is reduced one-for-one with the index loss, and investors can lose most or all of their principal.

The initial estimated value is $915.02 per $1,000 principal, reflecting structuring and hedging costs. The VolMax index itself uses leverage, a 40% target volatility, and daily deductions for notional financing, a 6% annual factor, and transaction costs, which can significantly drag on performance.

Royal Bank of Canada is offering $3,586,000 of Barrier Digital Notes linked to the worst performer of the MSCI Emerging Markets Index and the EURO STOXX 50 Index. The Notes are issued at 100% of principal, with proceeds to the bank of $3,460,490 after underwriting discounts.

At maturity in 2031, investors receive per $1,000: $1,000 plus the greater of the least-performing index return or a 57% digital return if that index finishes at or above its initial level; full principal back if it is below the initial level but at or above 70% of that level; and a proportionate loss of principal if it closes below the 70% barrier. The initial estimated value is $940.48 per $1,000, below the public offering price, and all payments are subject to Royal Bank of Canada’s credit risk.

Royal Bank of Canada is issuing $752,000 in structured Notes linked to an equally weighted basket of ten large U.S. equity securities, maturing on July 31, 2031. The basket includes Cisco, Chevron, Duke Energy, Coca-Cola, Lockheed Martin, McDonald’s, Medtronic, PepsiCo, Southern Company and Verizon.

For each $1,000 Note, investors receive at maturity: if the final basket value is above the initial value, $1,000 plus 100% of the basket gain; if the basket is flat or lower, only the $1,000 principal, creating downside protection but no upside leverage. All payments depend on RBC’s credit.

The public offering price is 100% of principal, with underwriting discounts and commissions of 3.89%, so RBC’s proceeds are 96.11% or $722,745. The initial estimated value is $960.21 per $1,000, reflecting internal funding and hedging costs. The Notes are treated as contingent payment debt instruments for U.S. tax purposes and are expected not to be subject to Section 871(m) withholding for Non-U.S. Holders under current rules.

Royal Bank of Canada is offering Capped Enhanced Return Buffer Notes linked to the S&P 500 Index, with a total public offering of $912,000 and proceeds to the issuer of $893,155. The Notes pay 125% of any positive index return, capped at an 18% maximum return, so the most an investor receives at maturity is $1,180 per $1,000 note.

A 10% downside buffer protects principal if the index falls by up to 10%, but below that level principal is reduced and investors can lose a substantial amount. The initial estimated value is $968.64 per $1,000 note, reflecting underwriting discounts, referral fees and hedging costs. The Notes depend on Royal Bank of Canada’s credit and are unsecured, uninsured debt maturing in February 2028.

Royal Bank of Canada is offering Autocallable Strategic Accelerated Redemption Securities linked to the State Street SPDR S&P Biotech ETF (XBI), at $10 per unit, maturing around February 2029 if not called earlier.

The notes may be automatically called after roughly one, two or three years if the ETF’s price is at or above its starting level. Indicative call payments per unit are $11.25–$11.35 on the first observation date, $12.50–$12.70 on the second, and $13.75–$14.05 on the final observation date. If never called and the ETF finishes below the starting value, investors have 1‑to‑1 downside exposure and can lose principal.

The notes pay no periodic interest, are senior unsecured obligations of RBC and are subject to RBC’s credit risk. The public offering price is $10.00 per unit, including a $0.20 underwriting discount and a $0.05 hedging-related charge. The initial estimated value is expected between $8.97 and $9.47 per unit, lower than the offering price, and secondary market liquidity is expected to be limited with no exchange listing.

Royal Bank of Canada is offering Capped Enhanced Return Dual Directional Buffer Notes linked to the VanEck Gold Miners ETF. The total offering is $2.55 million, with proceeds to the bank of 97.5% after underwriting discounts.

The Notes provide 200% upside participation in the ETF up to a maximum 46% gain ($1,460 per $1,000). They feature a 20% downside buffer, but investors lose principal if the ETF falls more than 20%, potentially substantially. The initial estimated value is $948.72 per $1,000, below the public price, reflecting fees and hedging costs. Complex U.S. tax treatment and ETF, market and liquidity risks apply, and investors are urged to review detailed risk and tax discussions.

Royal Bank of Canada is offering Redeemable Fixed Rate Notes with a total offering size of $9,135,000. The Notes pay fixed interest of 5.30% per annum, with interest paid annually each January 30 from 2027 until maturity on January 30, 2046, if not redeemed earlier.

The Notes are callable at the bank’s option, in whole but not in part, on the interest payment date scheduled for January 30, 2029 and on each interest payment date thereafter, at par plus the applicable interest payment. After underwriting discounts and commissions of 2.21%, the bank expects to receive proceeds of $8,933,116.50.

The Notes are bail-inable under the Canada Deposit Insurance Corporation Act, meaning they may be converted into common shares or written down in a resolution scenario. They are unsecured obligations of Royal Bank of Canada, are not deposit liabilities, and are not insured by Canadian or U.S. deposit insurance agencies.

Royal Bank of Canada is issuing two Capped Enhanced Return Buffer Notes linked separately to the Nasdaq-100 Index and the Russell 2000 Index, with principal amounts of $500,000 and $1,234,000, respectively.

The notes offer 150% upside participation, capped at a maximum return of 20.50% for the Nasdaq-100 note and 23% for the Russell 2000 note, over a two-year term from January 30, 2026 to February 1, 2028. A 10% downside buffer protects principal only if index losses stay within that range; below the 10% buffer, investors lose principal in line with further index declines. Initial estimated values, $964.36 and $963.88 per $1,000, are below the public offering price, and the notes are unsecured, not insured, and fully subject to Royal Bank of Canada’s credit risk. The issuer also highlights limited and potentially costly secondary market liquidity and uncertain U.S. tax treatment.

Royal Bank of Canada is issuing $1,022,000 of senior unsecured market-linked notes tied to Broadcom Inc. stock. Each $1,000 note pays a high 20.25% per annum contingent coupon, but only for quarters when AVGO’s closing price is at least 70% of the $332.79 starting value ($232.953).

The notes may be auto-called quarterly from July 2026 to October 2028 if AVGO is at or above the starting value, returning face value plus a final coupon. If not called and AVGO finishes below 70% of the start, investors lose more than 30%, up to their entire principal, and never participate in any stock upside or dividends. The initial estimated value is $967.64 per $1,000 note, and the notes carry full RBC credit risk with no exchange listing.

Royal Bank of Canada is issuing $1,118,000 of Auto-Callable Enhanced Return Barrier Notes linked to an equally weighted basket of five U.S. large-cap technology and software stocks: AMD, Broadcom, Marvell Technology, NVIDIA and Oracle. The notes are unsecured debt of the bank and are not insured by Canadian or U.S. deposit insurers.

The notes may be automatically called on February 2, 2027 if the basket is at or above its initial level, paying $1,190 per $1,000 (a 19% return). If held to February 1, 2029 and not called, upside participation is 150% of any positive basket return. Principal is protected only down to a 65% barrier; if the final basket value falls below this level, repayment is fully exposed to losses, potentially down to zero. The initial estimated value is $955.60 per $1,000, below the public price, and returns depend on both basket performance and Royal Bank of Canada’s credit.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes linked to the common stock of Delta Air Lines, Inc. The notes are senior unsecured debt of RBC, not insured by Canadian or U.S. deposit insurance agencies and not bail-inable.

The notes pay a contingent coupon of $31.75 per $1,000 each quarter (a rate of 3.175% per quarter, or 12.70% per annum) only if Delta’s share price on the relevant observation date is at or above a coupon threshold set at 60% of the initial share value. If on any call observation date Delta’s share price is at or above the initial value, the notes are automatically called and pay back principal plus that quarter’s coupon.

If the notes are not called and Delta’s final share value on the valuation date is at or above the 60% barrier, investors receive full principal plus any due coupon. If it is below the barrier, investors receive Delta shares (or cash for fractions) equal to a fixed physical delivery amount, which can result in substantial loss of principal, up to total loss. The initial estimated value will be between $920.00 and $970.00 per $1,000, below the public offering price, reflecting dealer compensation, structuring and hedging costs.

Royal Bank of Canada is issuing $500,000 of Capped Return Dual Directional Buffer Notes linked to the S&P 500® Index, maturing on January 31, 2028. The notes are priced at 100% of principal, with proceeds to the bank of 99.60% ($498,000) after underwriting.

Investors get 100% participation in index gains up to a maximum upside return of 16.50% ($1,165 per $1,000). If the index falls but stays above the 20% buffer (Buffer Value 5,560.18 versus Initial Underlier Value 6,950.23), investors earn the index’s move in absolute value, capped at 20%. Below the buffer, principal is reduced beyond the 20% protection, and investors can lose a substantial portion of their investment.

The initial estimated value is $991.48 per $1,000, below the public offering price, reflecting internal funding and hedging costs. The notes are unsecured RBC debt, not insured or bail-inable, and carry complex U.S. tax treatment as prepaid financial contracts, with additional considerations for non‑U.S. holders.

Royal Bank of Canada is issuing auto-callable contingent coupon barrier notes linked to the Solactive Equal Weight U.S. Semi Conductor Select AR Index. The notes are offered at 100% of principal for a total of $285,000, with 2.25% underwriting discounts and commissions and proceeds to the bank of $278,587.50.

Investors may receive a contingent coupon of $9.167 per $1,000 (11.00% per annum) on monthly payment dates if the index closes at or above the coupon threshold, set at 75% of the initial value. The notes can be automatically called quarterly if the index is at or above its initial value, returning $1,000 per note plus the applicable coupon.

If not called, at maturity investors receive full principal back only if the final index value is at or above the barrier level at 70% of the initial value; below this barrier, repayment is reduced one-for-one with the index decline, potentially to zero. The initial estimated value is $955.69 per $1,000, reflecting structuring and hedging costs, and the investment involves significant market, structural, valuation and tax risks.

Royal Bank of Canada is offering Geared Buffer Digital Notes linked to the common stock of Constellation Energy Corporation. The offering totals $700,000 in principal, with underwriting discounts of 1.00%, resulting in proceeds to RBC of $693,000.

Each $10,000 Note provides a fixed 20.52% Digital Return at maturity if the final Constellation share price is at or above the Buffer Value, set at 80% of the initial share value of $285.27. That buffer level is $228.22.

If the final share price falls below the Buffer Value, investors receive shares instead of cash: 43.8174 Constellation shares per $10,000 Note, with fractional shares settled in cash. In that scenario, investors can lose some or all of their principal. The Notes are unsecured debt of RBC, are not insured by deposit insurers, and all payments depend on RBC’s credit. The initial estimated value is $9,945.96 per $10,000 Note, below the public offering price, reflecting hedging and distribution costs.

Royal Bank of Canada is offering $1,513,000 of Dual Directional Buffer Digital Notes linked to the S&P 500 Index. The notes are issued at 100% of principal with no underwriting discount, and all proceeds go to the bank. The initial estimated value is $991.35 per $1,000, lower than the public offering price.

The notes pay a fixed 7% digital return at maturity if the index is at or above 93% of its initial level, and also in a range of modest declines. If the index ends between 86% and 93% of its initial value, investors receive a positive “dual directional” payoff equal to the absolute index return, capped at 14%. Below 86%, principal is reduced in line with losses beyond the 14% buffer, so investors can lose a substantial portion of their investment. All payments depend on Royal Bank of Canada’s credit.

Royal Bank of Canada is offering $5,565,000 of Trigger Autocallable Contingent Yield Notes linked to Lennar Corporation Class A common stock, maturing February 1, 2027. The notes pay a quarterly contingent coupon at a 14.35% per annum rate only if Lennar’s share price on the observation date is at or above the coupon barrier.

The initial share price is $110.07, with both the coupon barrier and downside threshold set at 70%, or $77.05. The notes can be called quarterly if Lennar’s price is at or above the initial level, returning principal plus the coupon. If not called and Lennar closes below the downside threshold at maturity, investors receive Lennar shares based on a fixed share delivery amount (9.0851 shares per $1,000 note), likely worth significantly less than principal.

The notes are unsecured obligations of Royal Bank of Canada, not insured by any government agency, not listed on an exchange, and expose investors to both full downside market risk of Lennar shares and the bank’s credit risk. The price to public is $1,000 per note, with $15 per note in fees and an initial estimated value of $981.60, reflecting embedded costs and hedging.

Royal Bank of Canada is offering Capped Return Dual Directional Barrier Notes linked to the worst performer of the Nasdaq-100 Index and the S&P 500 Index, with an aggregate price to the public of $1,100,000.

The Notes pay 100% of the index return of the least performing index when it rises, up to a 23% maximum upside, or $1,230 per $1,000 at maturity. If that index ends below its initial value but at or above a barrier set at 75% of its initial level, investors earn the absolute value of the negative return, capped at 25%. If the least performing index finishes below its barrier, investors lose the same percentage as the index decline and can lose most or all principal.

The Notes are unsecured senior debt of Royal Bank of Canada, carry full issuer credit risk, and are not insured by deposit insurers. The initial estimated value is $964.07 per $1,000, below the $1,000 issue price, reflecting dealer compensation, funding and hedging costs. Tax counsel views the Notes as prepaid financial contracts, but the U.S. tax treatment could change or differ from this view.

Royal Bank of Canada is issuing $2,348,000 of Enhanced Return Notes linked to the S&P 500 Market Agility 10 TCA 0.5% Decrement Index, maturing on January 30, 2031. Investors get 150% of any index gain and receive $1,000 per note if the index is flat or down at maturity, subject to RBC’s credit risk.

The notes are sold at 100% of principal, with underwriting discounts of 3.047%, so proceeds to RBC are 96.953%. The initial estimated value is $938.23 per $1,000, reflecting selling costs and hedging. The complex underlier uses leverage, volatility targeting and multiple fees and costs, which can significantly reduce its performance versus the S&P 500.

Royal Bank of Canada is offering Capped Return Dual Directional Buffer Notes linked to the S&P 500® Index, with a total price to the public of $3,356,000. Underwriting discounts are 1.873%, leaving 98.127% of proceeds to the bank.

The notes offer 100% participation in S&P 500 gains up to an 18% maximum upside return. They also provide a 10% downside buffer: if the index finishes between 0% and -10%, investors earn a positive return equal to the index’s loss. Below -10%, principal is reduced beyond the buffer.

The initial estimated value is $967.63 per $1,000, lower than the public offering price, and values in any secondary market may be lower. The notes mature on February 1, 2028, are unsecured obligations exposed to Royal Bank of Canada’s credit risk, are not insured deposits, and have complex, uncertain U.S. tax treatment described as prepaid financial contracts.

Royal Bank of Canada is offering $5,000,000 of Fixed to Floating Rate Callable Notes, due January 30, 2046, in $1,000 denominations. The notes pay a fixed 8.00% per annum until January 30, 2027, then a floating rate equal to 8.00% multiplied by the proportion of days that daily SOFR stays between 0.00% and 5.00%. Interest is paid quarterly, and the bank may redeem the notes in whole on January 30, 2027 and on each quarterly interest date thereafter at par plus accrued interest. The notes are senior unsecured obligations of Royal Bank of Canada, are not listed on any exchange, and carry liquidity, interest-rate and SOFR benchmark risks. The price to the public is $1,000 per note, while the initial estimated value is $959.30, reflecting embedded fees and hedging costs.

Royal Bank of Canada is issuing $2,473,000 of Redeemable Fixed Rate Notes due January 30, 2031. The Notes pay fixed interest of 4.30% per annum, with semiannual payments each January 30 and July 30, starting July 30, 2026.

The Notes are issued at 100% of principal to the public, with underwriting discounts of 0.58%, resulting in proceeds to Royal Bank of Canada of $2,458,656.60. The Notes are callable at the bank’s option, in whole but not in part, on the January 30, 2028 interest date and on each subsequent interest payment date, with 10 business days’ notice.

The Notes are senior bail-inable obligations of Royal Bank of Canada, meaning they may be converted into common shares or written down under Canadian bail-in powers in a resolution scenario. They are not insured by Canadian or U.S. deposit insurance agencies, and investors bear both interest rate and issuer credit risk.

Royal Bank of Canada is issuing $161,000 of Auto-Callable Enhanced Return Barrier Notes linked to the Russell 2000® Index, due January 30, 2031. The notes are priced at 100% of principal, with underwriting discounts of 3.50% and proceeds to the bank of 96.50%.

The notes may be automatically called in February 2027 for $1,100 per $1,000 if the index is at or above its initial level. If held to maturity and not called, investors receive enhanced upside with a 115% participation rate if the index rises, full principal back if the index stays at or above 75% of the initial level, and one-for-one downside if it finishes below that barrier.

The initial estimated value is $961.64 per $1,000, below the public offering price, and investors face both market risk on the Russell 2000® and Royal Bank of Canada credit risk. The notes are not insured by Canadian or U.S. deposit insurance agencies and are not bail-inable.

Royal Bank of Canada is issuing $710,000 of Auto-Callable Enhanced Return Dual Directional Barrier Notes linked to the worst performer of APA Corporation and Schlumberger common stock, maturing in February 2029. The notes are senior unsecured debt and carry RBC’s credit risk.

The notes may be automatically called in February 2027 if both stocks are at or above their initial levels, paying $1,330 per $1,000 (a 33% return) and then terminating. If not called, at maturity investors get enhanced upside: 150% of the worst stock’s gain, or a positive return equal to the absolute value of its loss, up to a 40% move, if it stays at or above a 60% barrier level.

If the worst-performing stock finishes below its barrier, repayment is reduced one-for-one with its decline, and investors can lose most or all principal. Notes are sold at par with a 2.50% underwriting discount; the initial estimated value is $962.42 per $1,000. U.S. tax counsel views them as prepaid financial contracts, but notes that tax treatment is uncertain.

Royal Bank of Canada is issuing Auto-Callable Enhanced Return Barrier Notes linked to an equally weighted basket of five large U.S. bank stocks: Bank of America, Citigroup, Goldman Sachs, Morgan Stanley and Wells Fargo. The total offering size is $1,223,000.

If, on February 9, 2027, the basket is at or above its initial level, the notes are automatically called and pay $1,110 per $1,000 of principal (an 11% return), with no further payments. If not called, the notes mature in February 2029 with 150% participation in any basket gain.

Principal is protected only down to a 70% barrier of the initial basket level. If the final basket value is below that barrier, repayment is reduced one-for-one with the basket loss, and investors can lose most or all of their principal. The notes are unsecured RBC debt, not insured, and their initial estimated value of $955.12 per $1,000 is below the public offering price, reflecting fees, hedging costs and RBC’s funding rate. Tax treatment is complex and uncertain.

Royal Bank of Canada is offering $452,000 of Enhanced Return Notes linked to the S&P 500 Market Agility 10 TCA 0.5% Decrement Index, maturing August 1, 2029.

The notes pay back principal at maturity and add upside if the index finishes above its initial level, using a 105% participation rate on any positive index return. If the index is flat or down, investors receive only the $1,000 principal per note, with no periodic interest.

The product embeds multiple fees and costs at the index level, including a 0.5% annual decrement and transaction and funding costs that reduce index performance. The initial estimated value is $948.50 per $1,000 note, below the public offering price, reflecting selling commissions, referral fees and hedging costs, and the notes are treated as contingent payment debt instruments for U.S. tax purposes.

Royal Bank of Canada is offering US$1,000,000,000 of 6.500% Limited Recourse Capital Notes, Series 8, maturing May 24, 2086. The notes pay non-deferrable quarterly interest at 6.500% until May 24, 2033, then reset every five years to the U.S. Treasury Rate plus 2.450%.

The notes are deeply subordinated Additional Tier 1 capital with limited recourse to a trust holding 1,000,000 Non-Cumulative 5-Year Fixed Rate Reset First Preferred Shares, Series CA, which can convert into common shares upon a Canadian non-viability trigger event. In a recourse event, holders receive only their share of these trust assets, bearing any shortfall versus principal and interest.

The notes are unsecured, not bail-inable, not deposit-insured, and will not be listed on an exchange, so liquidity may be limited. Estimated net proceeds of about US$989,645,000 will be used to enlarge RBC’s Tier 1 capital base and for general business purposes.

Royal Bank of Canada is offering market-linked structured securities tied to the S&P 500® Index that repay no fixed principal and pay no interest. Each $1,000 note offers 150% leveraged upside to the Index, capped at a maximum return of at least 47% (at least $1,470 at maturity).

Principal is only protected if the Index ending value is at or above 75% of its starting value; below that threshold, investors are fully exposed to losses and can lose more than 25%, up to all principal. The initial estimated value per note, between $905 and $955, is lower than the $1,000 offering price due to agent discounts, internal funding rates and hedging costs. All payments depend on Royal Bank of Canada’s credit, and the notes are designed to be held to August 30, 2030 with no exchange listing and limited expected liquidity.

Royal Bank of Canada is offering senior unsecured market-linked notes tied to the common stock of NVIDIA Corporation, maturing April 16, 2027. Each security has a $1,000 face amount, with an original offering price of $1,000 and proceeds to RBC of $976.75 per security after agent discounts.

The notes provide 150% leveraged upside participation in NVDA to a cap, with a maximum return of at least 30.75% (at least $307.50, for a maximum maturity payment of at least $1,307.50 per security). There is a 15% buffer: if the ending NVDA price is at or above 85% of the starting value, investors receive at least their principal back; below that level, losses are 1-for-1 beyond the buffer and can reach up to 85% of principal. The initial estimated value is expected to be between $916.00 and $966.00 per security, less than the offering price, and the securities pay no periodic interest and are subject to RBC’s credit risk and limited liquidity.

Royal Bank of Canada is offering $1,556,000 of Redeemable Fixed Rate Notes due January 29, 2038 at 100% of principal. The notes pay 5.00% annual interest, with semiannual payments each January and July starting July 29, 2026.

The notes are callable at the bank’s option, in whole only, on January 29, 2028 and on each subsequent interest payment date with 10 business days’ notice. Underwriting discounts are 1.08%, providing net proceeds of $1,539,195.20. These bail-inable notes are unsecured, are not insured deposits, and may be converted into common shares under Canadian bail-in powers.

Royal Bank of Canada is offering auto-callable contingent coupon buffer notes linked to the Bloomberg US Large Cap VolMax Index. The notes pay a contingent coupon of $33.75 per $1,000 (13.50% per annum) for each quarter in which the index is at or above a coupon threshold set at 75% of its initial value.

The notes have a 15% downside buffer: if held to maturity and the index is at or above 85% of its initial value, investors receive full principal back, plus any coupon due. Below that level, principal is reduced based on index losses, and investors can lose a substantial portion of principal.

The notes may be automatically called quarterly if the index is at or above its initial value, in which case investors receive $1,000 per note plus the coupon, with no further payments. The initial estimated value is expected between $882 and $932 per $1,000, reflecting underwriting discounts, hedging costs and the issuer’s funding rate. All payments depend on Royal Bank of Canada’s credit.

Royal Bank of Canada is offering $1,000,000 of Auto-Callable Enhanced Return Barrier Notes linked to the EURO STOXX 50® Index. The notes are issued at 100% of principal, with underwriting discounts of 2.85%, providing net proceeds of $971,500 to the bank. The product can be automatically called after one year: if the index closes at or above its initial level on the call observation date, investors receive $1,132 per $1,000 note, a 13.20% total return, and no further payments.

If not called, maturity outcomes depend on index performance versus the initial level of 5,957.80 and a barrier set at 75% of that level. At maturity, investors participate 150% in any positive index return; if the index is between the initial level and the barrier, principal is returned; if it finishes below the barrier, losses match the full index decline, up to a complete loss of principal. The initial estimated value is $963.70 per $1,000, below the public price, and all payments are subject to Royal Bank of Canada’s credit risk. The notes are unsecured, not insured by deposit insurance agencies, and involve complex tax and market risks highlighted in the risk sections.

Royal Bank of Canada is offering $557,000 of Auto-Callable Contingent Coupon Barrier Notes linked to Oracle Corporation common stock. Investors pay 100% of principal, while RBC receives 99.75% after underwriting discounts and commissions of 0.25%.

The notes can be automatically called monthly once the underlier closes at or above the initial value of $182.44, returning principal plus any due coupon. They pay a contingent coupon of $15.25 per $1,000 (1.525% per month, 18.30% per year) only when Oracle’s closing value is at or above the coupon threshold of $109.46, which is also the 60% barrier. If the final Oracle value is below this barrier at maturity and the notes were not called, repayment of principal is reduced one-for-one with the negative underlier return, and investors can lose most or all of their investment. The initial estimated value is $974.98 per $1,000, below the public offering price, and all payments depend on RBC’s credit.

Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes linked to the common stock of ServiceNow, Inc. The notes are issued at 100% of principal for a total of $550,000, with proceeds to RBC of $547,800 after underwriting discounts.

Investors may receive a contingent coupon of $15.00 per $1,000 (1.50% per month, 18.00% per year) on monthly observation dates if the ServiceNow share price stays at or above the coupon threshold of $93.18, which is 70% of the initial value of $133.11. The notes can be automatically called monthly starting July 23, 2026 if the underlier is at or above its initial value, returning principal plus the coupon.

At maturity in January 2028, if the notes have not been called and the final ServiceNow value is at or above the barrier, investors receive full principal plus any due coupon. If it is below the barrier, repayment is reduced in line with the underlier loss, and investors can lose a substantial portion or all of their principal. Payments depend on RBC’s credit, the initial estimated value ($996.64 per $1,000) is below the issue price, and the U.S. tax treatment is uncertain, with potential ordinary income on coupons and possible withholding for non-U.S. holders.

Royal Bank of Canada is offering Auto-Callable Enhanced Return Dual Directional Barrier Notes linked to Oracle Corporation common stock, with a total offering size of $500,000 at 100.00% of principal. Underwriting discounts are 2.35%, providing net proceeds to Royal Bank of Canada of $488,250.

The Notes may be automatically called on February 1, 2027 if Oracle’s closing value is at or above the $182.44 initial value, paying $1,255 per $1,000 note. If not called, at maturity in January 2028 investors receive leveraged upside at a 150% participation rate, limited positive “dual directional” returns for declines down to the 65% barrier, and full downside exposure below the barrier, risking substantial or total principal loss. The initial estimated value is $973.51 per $1,000 note, below the public offering price, and all payments depend on Royal Bank of Canada’s credit.

Royal Bank of Canada is issuing $1,169,000 of Enhanced Return Barrier Notes linked to the EURO STOXX 50® Index, maturing on January 30, 2031. The notes are unsecured debt of the bank and all payments depend on its creditworthiness.

Investors pay 100% of principal, with underwriting discounts of 3.35% and proceeds to the bank of 96.65%. The notes offer a 176% participation rate in index gains above the initial level, full principal repayment if the index finishes at or above a barrier set at 75% of the initial value, and one-for-one downside exposure below that barrier, which can lead to substantial or total loss of principal.

The initial estimated value is $955.55 per $1,000 note, below the public offering price, reflecting internal funding and hedging costs. The product carries market risk tied to the EURO STOXX 50® Index, pricing and liquidity risk in any secondary market, tax uncertainty for U.S. investors, and no deposit insurance protection in Canada or the United States.

Royal Bank of Canada is offering $3,000,000 of Trigger Autocallable Contingent Yield Notes linked to the Nasdaq-100 Index®. The notes pay a 6.40% per annum contingent coupon, but only for quarters when the index closes at or above a barrier set at 60% of the initial index value.

The notes can be automatically called quarterly starting one year after trade if the index closes at or above its initial level, returning principal plus that quarter’s coupon. If not called and, at maturity in January 2029, the index is below the 60% downside threshold, repayment is reduced in line with the index loss, up to a total loss of principal. Each $10 note is sold at $10.00, with dealer commissions of $0.125 and issuer proceeds of $9.875; the initial estimated value is $9.83 per note, and all payments depend on RBC’s creditworthiness.

Royal Bank of Canada is offering $6,050,000 of Autocallable Leveraged Index Return Notes linked to the iShares Silver Trust, each with a $10 principal amount and an initial estimated value of $9.68. Proceeds to RBC are $9.825 per unit before expenses.

The notes run to January 31, 2028, but can be automatically called on January 29, 2027 if SLV is at or above the $92.91 Starting/Call Value. In that case, holders receive a Call Amount of $13.20 per unit, a 32% premium, and the investment ends early.

If not called, the maturity payoff depends on SLV’s Ending Value. Above the Starting Value, investors receive 150% of the positive return. Between 70% and 100% of the Starting Value (Threshold Value $65.04), they receive a positive “absolute return” matching the percentage decline. Below the Threshold Value, losses match SLV’s decline, with up to 100% of principal at risk.

The notes pay no interest, do not provide SLV dividends or silver ownership, are unsecured and unsubordinated obligations of RBC, and their value is affected by RBC’s internal funding rate, hedging costs, silver price volatility and limited expected secondary market liquidity.

Royal Bank of Canada is offering Geared Buffer Digital Notes linked to Constellation Energy Corporation common stock. The notes have a minimum investment of $10,000 and a digital return of 20.52% per $10,000 principal if the stock’s final value is at or above the buffer level.

The buffer is set at 80% of the initial underlier value of $285.27, giving a buffer value of $228.22. If the final value falls below this buffer, investors receive shares of Constellation Energy instead of cash, equal to the physical delivery amount of 43.8174 shares per $10,000, and can lose some or all principal. The price to the public is 100% of principal, with 1.00% underwriting discounts and 99.00% of proceeds to Royal Bank of Canada. The initial estimated value is expected between $9,340.00 and $9,840.00 per $10,000, reflecting fees and hedging costs, and the notes are expected to be treated for U.S. tax purposes as prepaid financial contracts.

Royal Bank of Canada is issuing Auto-Callable Contingent Coupon Barrier Notes linked to the worst performer of the Nasdaq-100, Russell 2000 and S&P 500 indexes. The total offering size is $3,055,000, sold at 100% of principal, with proceeds to the bank of 99.75% after underwriting discounts. The notes pay a contingent coupon of $25 per $1,000 (2.50% per quarter, 10.00% per year) only if on each observation date all three indexes are at or above 70% of their initial values.

The notes can be automatically called quarterly starting in July 2026 if each index is at or above its initial level, returning $1,000 plus the coupon and ending the investment. If not called, and at maturity in July 2029 the worst-performing index is at or above 60% of its initial value, investors receive full principal back (plus any due coupon). If the worst index finishes below 60%, repayment is reduced one-for-one with its loss, and investors can lose most or all of their principal. The initial estimated value is $992.45 per $1,000, below the public price, and all payments depend on RBC’s credit.

Royal Bank of Canada is offering Capped Return Dual Directional Buffer Notes linked to the S&P 500® Index, maturing on January 31, 2028. The Notes are priced at 100% of principal with 0.40% underwriting discounts and commissions, and an initial estimated value expected between $939 and $989 per $1,000 principal amount.

At maturity, if the S&P 500 rises, investors earn 100% of the index gain up to a maximum upside return of 16.50%, for a maximum payment of $1,165 per $1,000. If the index falls but stays above the 20% buffer (80% of the initial level), investors receive the absolute value of the negative return, capped at 20%. If the index closes below the buffer, principal is reduced based on the loss beyond 20%, and investors can lose a substantial portion of principal. The Notes are unsecured senior debt of Royal Bank of Canada, subject to its credit risk, and are expected to be treated for U.S. tax purposes as prepaid financial contracts, with noted uncertainty.