ROYAL BK CDA QUEN PFD 424B Filings

Royal Bank of Canada is offering market-linked, principal-at-risk securities tied to an equally weighted stock basket of Amazon, Microsoft and NVIDIA. Each security has a $1,000 face amount, an initial estimated value of $969.65, and no interest payments.

At maturity in January 2028, if the basket has risen, holders receive $1,000 plus 125% of the basket gain, but this upside is capped at a maximum return of 31.50%, for a maximum maturity payment of $1,315 per security. If the basket is flat or down but not below 85% of its starting level, investors receive back only the $1,000 face amount. Below that 85% threshold level, losses match further declines beyond the 15% buffer and can reach up to 85% of principal.

The securities are unsecured senior obligations of Royal Bank of Canada and are subject to its credit risk. They are not bank deposits or insured by Canadian or U.S. agencies, will not be listed on an exchange, and secondary market prices may be well below the original offering price. The tax treatment is uncertain and may be affected by future IRS or legislative changes.

Royal Bank of Canada is issuing Auto-Callable Contingent Coupon Barrier Notes linked to the worst performer of three ETFs: the VanEck Gold Miners ETF (GDX), VanEck Semiconductor ETF (SMH) and State Street Financial Select Sector SPDR ETF (XLF). The notes are offered at 100% of principal, with total public offering proceeds of $197,000 and net proceeds to RBC of $193,306.25.

The notes pay a monthly contingent coupon of $10.625 per $1,000 (1.0625% per month, 12.75% per year) only if on each observation date all three ETFs are at or above 60% of their initial levels. The notes can be called quarterly if all underliers are at or above their initial values, returning principal plus that period’s coupon. If not called, and the worst ETF finishes at or above 60% of its initial level, investors receive full principal plus the final coupon; if it finishes below 60%, repayment is reduced one-for-one with that ETF’s loss, down to a total loss of principal. RBC’s initial estimated value is $956.50 per $1,000 note, reflecting structuring and distribution costs, and all payments are subject to RBC’s credit risk.

Royal Bank of Canada is issuing senior unsecured notes linked to the S&P 500® Index that pay no interest and mature on March 29, 2028. Each note has a $1,000 principal amount, with $25,614,000 issued in total, and an initial S&P 500 level of 6,940.01 set on the January 16, 2026 trade date.

If the index’s final level on March 27, 2028 is at least 85.00% of the initial level, holders receive a fixed $1,180 per $1,000 note, an 18% maximum return. If the final level is below 85.00%, repayment is reduced so that holders lose about 1.1765% of principal for every 1% the index falls below the threshold, down to a possible total loss.

The notes will not be listed, are not redeemable early, and any sale before maturity depends on a limited secondary market. The initial estimated value is $997.49 per $1,000 note, below the issue price, and all payments depend on RBC’s creditworthiness.

Royal Bank of Canada is offering $6,910,000 of senior unsecured market-linked notes tied to the worst-performing of Microsoft and NVIDIA stock, maturing on January 19, 2029. Each security has a $1,000 face amount, original offering price of $1,000, and an initial estimated value of $969.84, reflecting structuring and hedging costs.

The notes may be automatically called on January 22, 2027 if the lowest-performing stock is at or above its starting value, paying $1,000 plus a 29% call premium. If not called, at maturity investors receive: face amount plus leveraged upside with a 200% participation rate if the worst stock is above its starting value; full principal back if it is between its starting value and a 50% threshold; or a loss matching the negative return of the worst stock if it falls below that threshold, which can mean losing more than 50% and up to all principal.

The notes pay no interest, are not insured, are not bail-inable, and all payments depend on Royal Bank of Canada’s credit. They will not be listed on an exchange, and any secondary market is expected to be limited with potential for significant discounts to the issue price.

Royal Bank of Canada is issuing $375,000 of Auto-Callable Contingent Coupon Barrier Notes linked to the worst performer of three ETFs: the VanEck Gold Miners ETF (GDX), the VanEck Semiconductor ETF (SMH) and the State Street Financial Select Sector SPDR ETF (XLF). The notes have a $1,000 minimum investment and mature on October 21, 2027.

Investors can receive a contingent coupon of $11.875 per $1,000 each month (a rate of 1.1875% per month, or 14.25% per year) only if all three ETFs are at or above 60% of their initial values on the observation date. The notes are automatically called if, on certain quarterly call observation dates, each ETF 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, at maturity, the worst-performing ETF is at or above 60% of its initial value, investors receive back their full principal plus any coupon due. If the worst performer is below this barrier, repayment is reduced one-for-one with its loss, and investors can lose a substantial portion or all of their principal. The initial estimated value is $973.92 per $1,000, and the notes are unsecured obligations of Royal Bank of Canada, not insured by any deposit insurance agency.

Royal Bank of Canada is issuing Enhanced Return Buffer Notes linked to the S&P 500® Futures Excess Return Index. The notes have a three-year term from a trade date of January 16, 2026 to a maturity date of January 19, 2029, with a minimum investment of $1,000. The total offering size is $735,000 at 100% of principal, with underwriting discounts of 0.75% and proceeds to the bank of 99.25% of face value.

At maturity, investors receive enhanced upside at a 134.15% participation rate if the index is above its initial level. Principal is fully protected only as long as the index does not fall more than the 20% buffer; below that level, losses match index declines beyond the buffer and can be substantial. The initial estimated value is $981.01 per $1,000, below the public price, reflecting structuring, distribution and hedging costs, and all payments depend on RBC’s credit.

Royal Bank of Canada is issuing $7,428,000 of Auto-Callable Contingent Coupon Barrier Notes linked to the worst performer among the Nasdaq-100, Russell 2000 and S&P 500 indexes, maturing January 21, 2028. The notes pay a contingent coupon of $25.25 per $1,000 (10.10% per year) only if, on each observation date, all three indexes stay at or above 70% of their initial levels, and the notes may be auto-called quarterly if all indexes are at or above their initial values.

If not called, investors receive full principal at maturity only if the least performing index finishes at or above its 70% barrier; otherwise repayment is reduced one-for-one with the index loss and can fall to zero. The public price is 100% of principal with a 0.65% underwriting discount, and the initial estimated value is $987.92 per $1,000, reflecting dealer compensation, internal funding rates and hedging costs. All payments depend on RBC’s credit and carry complex tax and risk considerations.

Royal Bank of Canada is offering $1,428,000 of Auto-Callable Enhanced Return Dual Directional Barrier Notes linked to the weaker of Bristol-Myers Squibb and Merck common stock. The Notes are priced at 100.00% of principal, with 2.50% in underwriting discounts and commissions, so proceeds to the bank are 97.50% of the offering amount.

The Notes can be automatically called in January 2027; if both stocks are at or above their initial values, investors receive $1,322.50 per $1,000 note, a 32.25% total payoff, and the Notes terminate. If not called, at maturity in January 2029 investors get 150% of the positive return of the weaker stock, or a dual-directional payoff that mirrors losses as gains down to a 35% decline, subject to a 35% maximum in this zone. If the weaker stock finishes below its 65% barrier level, repayment is fully exposed to that stock’s loss and principal can be largely or entirely lost.

The initial estimated value is $970.47 per $1,000, below the public price, reflecting internal funding and hedging costs. Payments depend on RBC’s credit and the Notes are unsecured, uninsured obligations.

Royal Bank of Canada is offering Capped Return Notes linked to the S&P 500® Index, targeting a maximum return of 35% at maturity. Each $1,000 note participates 100% in the index’s upside, but gains are capped so the maximum payment is $1,350 if the index rise meets or exceeds the cap. If the S&P 500 ends at or below its initial level of 6,940.01 on the July 16, 2031 valuation date, investors receive only their $1,000 principal back on July 21, 2031, with no additional return.

The notes are unsecured debt of Royal Bank of Canada, so all payments depend on the bank’s credit. The public offering price is 100% of principal, but the bank’s initial estimated value is $939.76 per $1,000, reflecting internal funding, fees and hedging costs. The product is expected to be illiquid, and any secondary market value may be significantly below the offering price. For U.S. tax purposes, the bank intends to treat the notes as contingent payment debt instruments, requiring investors to accrue taxable interest income over the life of the notes.

Royal Bank of Canada is offering Capped Enhanced Return Barrier Notes linked to the MSCI Emerging Markets Index, with a total offering size of $1,100,000 and a 2% underwriting discount, resulting in $1,078,000 in proceeds to the bank. The notes run from a January 16, 2026 trade date to a March 19, 2027 maturity and have a 200% participation rate in index gains, capped at a 12.75% maximum return, or $1,127.50 per $1,000 note.

If the index finishes at or above 85% of its initial level, investors receive at least their principal back; if it falls below this barrier, repayment is reduced one-for-one with the index decline, potentially down to zero. The initial estimated value is $971.89 per $1,000 note, lower than the public offering price, reflecting fees, funding and hedging costs. Payments depend on Royal Bank of Canada’s credit and the notes are not insured by U.S. or Canadian deposit insurance programs.

Royal Bank of Canada is offering Capped Return Notes tied to the S&P 500 Index, with a total offering size of $582,000 at 100% of principal. Each $1,000 Note pays back principal at maturity plus equity-linked upside equal to 100% of the index gain, capped at a Maximum Return of 33.20%, for a maximum payment of $1,332 per $1,000. If the index is flat or down at maturity, investors receive only their $1,000 principal, so there is no downside participation but full exposure to the issuer’s credit risk. The bank’s initial estimated value is $972.80 per $1,000, reflecting structuring and hedging costs and implying that secondary market values may be lower than the issue price. The Notes are treated as contingent payment debt instruments for U.S. tax purposes, requiring accrual of interest income based on a comparable yield, and they are not insured deposits or bail-inable notes.

Royal Bank of Canada is offering Enhanced Return Buffer Notes tied to the EURO STOXX 50® Index. The notes are issued at 100% of principal value with a 1.00% underwriting discount, so proceeds to the bank are 99.00% of the amount sold. Minimum investment is $1,000 in increments of $1,000.

The notes run from a February 2, 2026 trade date to a February 6, 2031 maturity and pay at maturity based on index performance. If the index rises, investors receive principal plus 170% of the index gain. If the index is flat or down but not below 80% of its initial level, investors receive full principal back. If it falls more than 20%, principal is reduced according to the loss beyond that 20% buffer.

The initial estimated value is expected between $924.50 and $974.50 per $1,000 note, reflecting structuring and hedging costs. The product carries market risk, issuer credit risk and complex U.S. tax treatment, which counsel currently analyzes as prepaid financial contracts but notes potential for future IRS or legislative changes.

Royal Bank of Canada is offering Accelerated Return Notes linked to the Class A common stock of Meta Platforms, Inc. (META), maturing in approximately 14 months in March 2027. The notes are senior unsecured debt of RBC, not insured by the CDIC or FDIC, and all payments depend on RBC’s credit.

Each note has a $10 principal amount. The public offering price is $10.00 per unit, with an underwriting discount of $0.175 and proceeds to RBC of $9.825 per unit, plus a hedging-related charge of $0.05 per unit. The initial estimated value on the pricing date is expected to be between $9.05 and $9.55 per unit, which is less than the public offering price.

The notes offer a 300% participation rate in any positive performance of META from the Starting Value to the Ending Value, but the return is capped by a Capped Value expected to be between $12.90 and $13.30 per unit, representing a maximum return of about 29% to 33%. If META’s Ending Value is below the Starting Value, investors will lose some or all of their principal. The notes pay no interest or dividends and do not provide any rights in META shares.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes linked to the worst performer of the Russell 2000®, S&P 500® and EURO STOXX 50® indices. The notes pay a contingent quarterly coupon of at least $20.625 per $1,000 (at least 8.25% per year) only if, on the relevant observation date, each index is at or above 70% of its initial level.

Beginning about one year after issuance, the notes will be automatically called if all three indices are at or above their initial levels, in which case investors receive $1,000 plus the coupon and no further payments. If the notes are not called and, at maturity in 2030, the worst-performing index is at or above 70% of its initial level, investors receive full principal plus any coupon. If the worst-performing index finishes below this barrier, repayment is reduced one-for-one with the index loss, up to a total loss of principal.

The initial estimated value is expected to be between $892 and $942 per $1,000, below the public offering price, reflecting underwriting discounts, hedging costs and RBC’s internal funding rate. Tax treatment is uncertain and may be affected by future IRS or legislative action.

Royal Bank of Canada is offering two auto-callable contingent coupon barrier notes with memory coupons, each linked to a single stock: Class A common stock of Airbnb, Inc. and common stock of Newmont Corporation. The notes are issued at 100% of principal, with initial estimated values per $1,000 note expected in ranges of $901–$951 for the Airbnb-linked note and $899–$949 for the Newmont-linked note, reflecting embedded costs and hedging.

The Airbnb note offers a contingent coupon rate in a range of 9.50%–10.50% per annum, and the Newmont note offers 10.75%–11.75% per annum, paid quarterly only if the stock closes at or above a preset coupon threshold on the observation date. Each note can be automatically called quarterly starting July 27, 2026 if the underlier closes at or above its initial value, returning $1,000 plus due coupons. If not called, investors receive $1,000 at maturity only if the final stock price is at or above the barrier; otherwise principal is reduced one-for-one with the stock’s loss, so investors can lose a substantial portion or all of their investment.

Royal Bank of Canada is offering senior unsecured "Trigger GEARS" notes linked to an unequally weighted basket of five equity indices with a total offering of $13,563,390 in Securities due January 21, 2031. The basket is set to an initial value of 100 and includes the EURO STOXX 50 (40%), Nikkei 225 (25%), FTSE 100 (17.5%), Swiss Market Index (10%) and S&P/ASX 200 (7.5%).

At maturity, if the basket return is positive, holders receive $10 principal per Security plus 1.67× the basket return. If the basket return is zero or negative but the final basket value is at or above the 75 downside threshold (75% of the initial basket value), principal is repaid in full. If the final basket value is below that threshold, repayment is reduced in proportion to the negative basket return, with up to a 100% loss of principal possible.

The Securities pay no coupons or dividends, are not exchange-listed, and all payments depend on RBC’s creditworthiness. The initial estimated value is $9.55 per $10 Security, below the public offering price, reflecting dealer commissions, funding and hedging costs.

Royal Bank of Canada is offering three separate auto-callable contingent coupon barrier notes due January 31, 2029, each linked to a different stock: Goldman Sachs (GS), Eli Lilly (LLY) and SLB. Each note pays a quarterly contingent coupon at an annual rate of 10.00%–11.00% if, on the relevant observation date, the underlier closes at or above a set coupon threshold, which also serves as the barrier level for principal protection.

If on any call observation date the underlier closes at or above its initial value, the note is automatically called and pays back $1,000 per note plus the applicable coupon, with no further payments. If not called, and on the final valuation date the underlier is at or above the barrier, investors receive full principal plus any coupon due; if it is below the barrier, repayment is reduced one-for-one with the underlier loss, potentially down to zero. Initial estimated values per $1,000 note range from $890 to $957, below the public offering price, and all payments are subject to RBC’s credit risk.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes linked to the common stock of Oracle Corporation. These two-year notes pay a contingent coupon of $15.25 per $1,000 each month (equivalent to 18.30% per annum) only if Oracle’s closing value on the observation date is at or above a coupon threshold set at 60% of the initial value, which is also the downside barrier.

The notes may be automatically called on monthly dates starting in July 2026 if Oracle’s value is at or above its initial level, in which case investors receive $1,000 plus the coupon and no further payments. If the notes are not called and Oracle finishes below the barrier at maturity, repayment is reduced one-for-one with the stock’s loss, so investors can lose a substantial portion or all of their principal. The initial estimated value is expected to be $927–$977 per $1,000, below the public offering price, reflecting dealer compensation and hedging costs, and all payments are subject to Royal Bank of Canada’s credit risk.

Royal Bank of Canada is offering $9,171,470 of Autocallable Strategic Accelerated Redemption Securities® linked to an international equity index basket, at $10 per unit. These senior unsecured notes can be automatically called after about one, two or three years if the basket is at or above its 100.00 starting level, paying call amounts of $10.95, $11.90 or $12.85 per unit, respectively.

If the notes are not called and the basket’s final value is below the 100.00 threshold, investors will lose principal, potentially all of it. The basket combines six major equity indices with fixed initial weights, including 40% in the EURO STOXX 50® and 20% each in the FTSE® 100 and Nikkei 225. Investors receive no interest or dividends, and all payments depend on RBC’s credit. The initial estimated value is $9.68 per unit, below the $10 public offering price, reflecting RBC’s internal funding rate, a $0.20 per-unit underwriting discount and a $0.05 per-unit hedging-related charge; RBC expects to receive $8,988,040.60 in proceeds before expenses.

Royal Bank of Canada is issuing senior unsecured Autocallable Strategic Accelerated Redemption Securities linked to an equal-weighted basket of Goldman Sachs, JPMorgan Chase and Morgan Stanley, with a $10 principal amount per unit and scheduled maturity on January 26, 2029.

The notes may be automatically called if the basket value on an Observation Date (January 22, 2027; January 21, 2028; January 19, 2029) is at or above the Starting Value of 100.00, paying per-unit Call Amounts of $11.431, $12.862 or $14.293, respectively.

If the notes are not called and the Ending Value is below the Threshold Value of 100.00, investors lose principal in line with the basket decline (for example, a 50.00 Ending Value pays $5.00 per unit). The securities pay no coupons, do not provide dividends on the underlying stocks, 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, while the initial estimated value is $9.70 per unit, reflecting RBC’s internal funding rate and hedging costs.

Royal Bank of Canada is offering five auto-callable contingent coupon barrier notes with a memory coupon feature, each linked to a single U.S. stock: Broadcom, Best Buy, Constellation Energy, CrowdStrike and Vertiv. The notes pay quarterly contingent coupons only if the relevant stock stays at or above a coupon threshold, with indicative annual rates ranging from 10.50% to 14.00%. Missed coupons can be "caught up" later if conditions are met.

The notes may be automatically called quarterly starting in July 2026 if the stock is at or above its initial level, in which case investors receive principal plus any due coupons. If not called and the final stock value is at or above a barrier level (50%–60% of the initial value, depending on the underlier), principal is repaid in full. If the final value is below the barrier, repayment is reduced one-for-one with the stock decline, and investors can lose most or all of their principal. Initial estimated values range from $880 to $957 per $1,000, below the 100% public offering price, with underwriting discounts of 2.50% and proceeds to RBC of 97.50%.

Royal Bank of Canada is offering senior unsecured Airbag Autocallable Yield Notes linked to the worst performer among Dell Class C, Eli Lilly, and Micron common stock, maturing on or about January 21, 2028. Each $1,000 Note pays a fixed quarterly coupon at a 15.75% per annum rate regardless of how the stocks perform.

The Notes are automatically called if on any quarterly observation date starting six months after the trade date each stock’s closing value is at or above its initial value; in that case, investors receive $1,000 plus the coupon and the Notes terminate. If not called, and at maturity the worst-performing stock is at or above its Conversion Price (60% of its initial value for each name), investors receive $1,000 in cash plus the final coupon. If the worst stock finishes below its Conversion Price, investors receive the final coupon and a fixed number of shares of that stock instead of principal, likely worth less than $1,000 and possibly zero. The Notes are unsecured obligations of RBC, not listed on any exchange, and their initial estimated value of $929.40–$979.40 per $1,000 Note is below the public offering price due to fees and hedging costs.

Royal Bank of Canada is offering Auto-Callable Enhanced Return Dual Directional Barrier Notes linked to the worst performer of APA Corporation and Schlumberger common stock. The Notes are designed for a term from a January 27, 2026 trade date to a February 1, 2029 maturity, with an auto-call on February 2, 2027 if both stocks are at or above their initial levels, paying at least $1,330 per $1,000 of principal (at least 133%).

If not called, at maturity investors get 150% of any positive return of the least performing stock, dual-direction “buffered” gains when that stock is between 0% and -40%, and full downside exposure if it falls below 60% of its initial value, which can lead to substantial or total loss of principal. The public offering price is 100% of principal, with 2.50% in underwriting discounts and 97.50% in proceeds to RBC; the initial estimated value is expected between $864.50 and $914.50 per $1,000, reflecting hedging and distribution costs. All payments depend on RBC’s credit, and the product carries complex risk and uncertain tax treatment as a prepaid financial contract.

Royal Bank of Canada is issuing five separate Auto-Callable Contingent Coupon Barrier Notes with memory coupons, each linked to a different stock: NVIDIA, Novo Nordisk ADS, Tesla, United Airlines and Vistra.

Each note pays a quarterly contingent coupon only if the related underlier stays at or above a preset coupon threshold on the observation date. Indicative contingent coupon rates range from 10.00% to 13.50% per annum, with initial estimated values per $1,000 note between $952.68 and $975.60, which are below the public offering price.

The notes are automatically called if, on a call observation date, the underlier closes at or above its initial value, in which case investors receive principal plus due and unpaid coupons and no further payments. If the notes are not called and the final underlier value is below the barrier level (50–60% of the initial value, depending on the underlier), repayment of principal is reduced one-for-one with the underlier loss, and investors can lose a substantial portion or all of their investment.

Royal Bank of Canada is issuing $7,288,000 of Auto-Callable Contingent Coupon Barrier Notes linked to the least performing of the Nasdaq-100, Russell 2000 and S&P 500 indices, maturing on July 20, 2028. The notes pay a contingent coupon of $6.75 per $1,000 (0.675% per month, 8.10% per year) on monthly dates only if each index is at or above 75% of its initial level on the related observation date.

The notes may be automatically called quarterly, starting about six months after issuance, if each index is at or above its initial level, in which case holders receive $1,000 per note plus the applicable coupon and no further payments. If the notes are not called and the worst-performing index finishes below 55% of its initial level, repayment of principal is reduced one-for-one with the index loss, and investors can lose most or all of their investment.

Royal Bank of Canada receives proceeds of about $7,287,700 before hedging, after underwriting discounts and commissions. The bank’s initial estimated value is $980.69 per $1,000 note, reflecting embedded costs, and the notes carry the issuer’s credit risk and complex U.S. tax treatment.

Royal Bank of Canada is offering $1,001,000 of Capped Enhanced Return Buffer Notes linked to the Dow Jones Industrial Average®, maturing on January 17, 2030. The notes provide 125% participation in any positive index return, capped at a Maximum Return of 43.25% (maximum payment of $1,432.50 per $1,000 principal). A 20% downside buffer protects principal only as long as the index does not fall more than 20% from the Initial Underlier Value of 49,149.63. If the index declines beyond that buffer, repayment is reduced and investors can lose a substantial portion of principal.

The price to the public is 100% of principal, with an underwriting discount of 0.60% and proceeds to Royal Bank of Canada of $994,994. The initial estimated value is $987.80 per $1,000, reflecting structuring and hedging costs, and secondary market values may be lower. All payments are subject to Royal Bank of Canada’s credit risk and the product has complex U.S. tax considerations, including treatment as a prepaid financial contract and potential future tax law changes.

Royal Bank of Canada is offering Capped Enhanced Return Dual Directional Buffer Notes linked to the performance of the iShares Silver Trust. The Notes are part of its Senior Global Medium-Term Notes, Series J, with a minimum investment of $1,000 and an aggregate offering of $1,000,000.

At maturity, investors receive enhanced upside of 200% of the Underlier return, subject to a Maximum Upside Return of 26.65%, which caps the payment at $1,266.50 per $1,000 of principal if the Underlier appreciates. The structure provides a 10% downside buffer: modest declines generate a positive “dual directional” return up to 10%, while losses beyond the buffer reduce principal, with the hypothetical table showing payments as low as $100 per $1,000 for a 100% Underlier decline.

The Notes are unsecured obligations of Royal Bank of Canada, are not insured by Canadian or U.S. deposit insurers and all payments depend on the Bank’s credit. The initial estimated value is $1,043.53 per $1,000 principal amount, higher than the public issue price due to underwriting discounts, referral fees and hedging costs. U.S. tax counsel views the Notes as prepaid financial contracts with potential “constructive ownership” and Section 871(m) considerations, and the issuer highlights significant market, correlation, valuation and liquidity risks.

Royal Bank of Canada is offering $16,923,000 of auto-callable contingent coupon barrier notes with a memory coupon linked to the worst performer of Amazon.com, Inc. and Alphabet Inc. Class A shares. The notes pay a contingent coupon of $25 per $1,000 (10% per year) only if, on each observation date, both stocks are at or above 52% of their initial values; missed coupons can be paid later if conditions are met.

The notes can be automatically called quarterly if both underliers are at or above their initial levels, in which case investors receive $1,000 plus any due coupons and no further payments. If not called and the worst-performing stock finishes below its 52% barrier at maturity, investors receive shares of that stock worth less than the $1,000 principal, potentially down to zero. The public offering price is 100% of principal, with 1.75% underwriting discounts; issuer proceeds are 98.25%, and the bank’s initial estimated value is $977.29 per $1,000.

Royal Bank of Canada is issuing three Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon, each linked to a single stock: Royal Caribbean Cruises (RCL), Snowflake (SNOW) and Target (TGT). Principal amounts are $160,000 for the RCL note, $1,310,000 for the SNOW note and $1,299,000 for the TGT note.

The notes pay quarterly contingent coupons only if the underlier stays at or above a set threshold. Annual contingent coupon rates are 10.25% for RCL and 10.50% for both SNOW and TGT. Each note can be automatically called quarterly starting July 2026 if its stock closes at or above the initial value, returning $1,000 per note plus any due coupons.

If not called, investors get $1,000 per note at maturity in January 2029 only if the final stock price is at or above the barrier. Barriers are set at 60%, 55% and 65% of initial values for RCL, SNOW and TGT, respectively. If the final value is below the barrier, repayment is reduced one-for-one with the stock loss, and investors can lose most or all of their principal. Initial estimated values per $1,000 are below par, reflecting fees and hedging costs.

Royal Bank of Canada is offering $910,000 of Auto-Callable Contingent Coupon Barrier Notes linked to the least performing of the Russell 2000, S&P 500 and EURO STOXX 50 indices. The Notes pay a contingent coupon of $20.375 per $1,000 (8.15% per annum) on quarterly dates only if each index is at or above 70% of its initial level on the relevant observation date.

The Notes may be automatically called quarterly starting in January 2027 if all three indices are at or above their initial levels, in which case holders receive $1,000 plus the coupon and the Notes terminate. If the Notes are not called, at maturity in January 2030 investors receive $1,000 per Note if the least performing index is at or above the 70% barrier, plus any coupon due.

If the least performing index is below the 70% barrier at maturity, repayment of principal is reduced in line with its negative return, and investors can lose most or all of their investment. The initial estimated value is $959.04 per $1,000, below the public offering price, reflecting underwriting discounts, funding and hedging costs.

Royal Bank of Canada is issuing redeemable fixed rate notes with a total public offering amount of $2,250,000. The Notes pay fixed interest of 4.50% per year, with interest paid semiannually on January 20 and July 20, starting July 20, 2026, and are scheduled to mature on January 20, 2033 if not redeemed earlier.

The Notes are callable at the Bank’s option, in whole but not in part, on the January 20, 2028 interest date and on each interest payment date thereafter, at par plus accrued interest. They are issued in $1,000 minimum denominations and are subject to Canadian bail-in powers, meaning they can be converted into common shares or written off under Canadian resolution rules. RBC Capital Markets, LLC acts as underwriter; the Bank expects proceeds of $2,228,625 before expenses after underwriting discounts.

Royal Bank of Canada is offering $4,288,000 of Digital Notes linked to the Russell 2000® Index, maturing on January 26, 2027. These notes pay a fixed 14.60% digital return at maturity per $1,000 principal if the index level on the valuation date is at or above its initial value of 2,674.557. If the index finishes below that level, repayment is reduced one-for-one with the index loss, down to a total loss of principal if the index falls 100%.

The notes are issued at 100% of principal, with 2.00% underwriting discounts, providing 98.00% of proceeds to Royal Bank of Canada, and have an initial estimated value of $973.79 per $1,000, which is lower than the public offering price. The notes are unsecured debt subject to the bank’s credit risk, are not insured by Canadian or U.S. deposit insurers, and are not bail-inable. Investors face significant risks, including potential loss of some or all principal, limited or no secondary market liquidity, complex U.S. tax treatment, and conflicts of interest arising from the issuer’s and affiliates’ roles in distribution, valuation and hedging.

Royal Bank of Canada is issuing two auto-callable contingent coupon barrier notes linked separately to Alphabet Class A shares and IBM stock, maturing on January 19, 2029. The GOOGL-linked notes offer a 10.75% annual contingent coupon and the IBM-linked notes offer 10.25%, paid quarterly only if the relevant stock closes at or above a threshold level.

Each note has a barrier set at 70% of its initial stock value; if the final value is below this barrier at maturity and the notes were not called, repayment of principal is reduced one-for-one with the stock’s loss, potentially to zero. Initial estimated values are $959.67 and $964.52 per $1,000 principal for the GOOGL and IBM notes, respectively, reflecting underwriting discounts, fees and hedging costs.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes linked to the worst performer of three SPDR ETFs: the SPDR S&P Biotech ETF (XBI), Energy Select Sector SPDR ETF (XLE) and Consumer Discretionary Select Sector SPDR ETF (XLY). The notes mature on January 25, 2029.

The notes pay a monthly contingent coupon of $13.958 per $1,000 (about 16.75% per year) only if on the relevant observation date each ETF is at or above 75% of its initial level. They are automatically called, returning $1,000 plus that month’s coupon, if on a call date all three ETFs are at or above their initial levels.

If not called, at maturity investors receive $1,000 per note if the worst-performing ETF is at or above a 70% barrier; if it is below that barrier, principal is reduced one-for-one with the ETF loss, up to a total loss. The bank’s initial estimated value is expected between $910 and $960 per $1,000, below the public price, and all payments are subject to RBC’s credit risk. The tax discussion treats the notes as prepaid financial contracts with ordinary-income coupons, but notes material uncertainty and potential 30% U.S. withholding for some non-U.S. holders.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes linked to the common stock of NVIDIA Corporation, maturing on January 25, 2029. The notes are issued in minimum denominations of $1,000 and pay a monthly contingent coupon of $8.125 per $1,000 (an annual rate of 9.75%) when NVIDIA’s closing value is at or above a coupon threshold set at 50% of the initial value.

The notes can be automatically called on designated quarterly observation dates if NVIDIA’s value is at least its initial level, returning $1,000 plus due coupons. If not called, investors receive $1,000 at maturity if NVIDIA’s final value is at or above the 50% barrier. If the final value is below the barrier, investors receive shares of NVIDIA worth less than $1,000, up to a total loss of principal. The initial estimated value per $1,000 is expected to be between $912.50 and $962.50, and payments are subject to RBC’s credit risk and complex U.S. tax treatment.

Royal Bank of Canada is offering auto-callable fixed coupon barrier notes linked to the worst performer among Delta Air Lines, Home Depot and Tesla stock. Each note has a $1,000 principal amount and pays a fixed coupon of $10.208 per month (a rate of 1.0208% per month, or 12.25% per year) as long as the notes remain outstanding.

The notes can be automatically called quarterly starting in July 2026 if all three stocks are at or above their initial values on a call observation date; in that case, investors receive $1,000 per note plus the applicable coupon, and no further payments. If the notes are not called, principal repayment at maturity in January 2029 depends on the “least performing” stock. If that stock’s final value is at least 50% of its initial value, investors receive $1,000 per note plus the coupon. If it is below 50%, investors receive shares of that worst-performing stock based on a fixed physical delivery amount, which can lead to substantial loss of principal, up to a total loss.

The notes are senior unsecured debt of Royal Bank of Canada, are not insured by any government agency, and all payments are subject to the bank’s credit risk. The initial estimated value is expected to be between $905 and $955 per $1,000, reflecting underwriting discounts, selling concessions, referral fees and hedging costs.

Royal Bank of Canada is offering Autocallable Leveraged Index Return Notes linked to the iShares Silver Trust, with a $10 principal amount per unit and maturity in January 2028. The notes may be automatically called in January 2027 if the fund’s observation value is at or above the starting value, paying a call amount of $12.15 to $12.45 per unit, a 21.50% to 24.50% premium to principal.

If not called, the notes provide 150% leveraged upside if the ending value is above the starting value. If the ending value is below the starting value but at or above 70% of it, investors receive a positive return equal to the absolute percentage decline. If the ending value falls below 70% of the starting value, repayment is reduced 1-to-1 with the decline, up to a total loss of principal. The initial estimated value is expected to be $9.20 to $9.70 per unit, below the $10 public offering price, and payments are subject to RBC’s credit risk.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes linked to the common stock of Marvell Technology, Inc., maturing on February 2, 2029. The notes target income, paying a contingent coupon of $13.375 per $1,000 each month (about 16.05% per year) whenever the Marvell share price on the observation date is at or above 60% of the initial value.

The notes can be automatically called quarterly if Marvell’s stock is at or above its initial value, in which case investors receive $1,000 plus the due coupon and the product ends. If the notes are not called and, at maturity, Marvell’s share price is at or above a 50% barrier, investors get back their full principal (and any due coupon). If it is below the barrier, repayment is reduced one-for-one with the stock’s loss, and investors can lose a substantial portion or all of their principal.

The price to the public is 100% of principal, with 2.50% in underwriting discounts and commissions, so RBC’s proceeds are 97.50%. The initial estimated value is expected to be between $900 and $950 per $1,000, reflecting dealer margins, funding and hedging costs. All payments depend on RBC’s credit and the complex tax and risk profile described in the accompanying documents.

Royal Bank of Canada is offering issuer callable contingent coupon barrier notes linked to the common stock of Marvell Technology, Inc. The notes are scheduled to trade on a January 30, 2026 trade date, with an issue date of February 4, 2026 and a maturity date of February 2, 2029, unless called earlier.

Investors may receive a contingent coupon of $16.25 per $1,000 of principal (1.625% per month, 19.50% per year) on monthly payment dates if Marvell’s stock closes at or above a coupon threshold equal to 60% of its initial value on the relevant observation date. Principal is protected at maturity only if the final stock value is at or above a barrier level set at 50% of the initial value; below this barrier, repayment is reduced one-for-one with the stock’s loss, and investors could lose all principal.

RBC may, at its discretion, call the notes in whole on designated quarterly call dates, paying $1,000 per note plus any due coupon, with no further payments thereafter. The price to the public is 100% of principal, with 1.00% in underwriting discounts, and the initial estimated value is expected to be between $920 and $970 per $1,000, reflecting fees and hedging costs.

Royal Bank of Canada is offering auto-callable fixed coupon barrier notes linked to the worst performer among the common shares of Advanced Micro Devices, Delta Air Lines and FedEx. The notes pay a fixed coupon of $10.25 per $1,000 of principal each month, which corresponds to a rate of 1.025% per month, or 12.30% per year, as long as the notes remain outstanding.

The notes can be automatically called quarterly if on a call observation date the closing value of each stock is at or above its initial level, in which case investors receive $1,000 plus the applicable coupon and no further payments. If the notes are not called and, at maturity in January 2029, the worst-performing stock is at or above 50% of its initial value, investors receive full principal back plus the final coupon. If that stock finishes below 50% of its initial value, investors receive shares of the worst-performing stock (or cash for fractions) that may be worth far less than the $1,000 principal, so a substantial or total loss of principal is possible.

Royal Bank of Canada is offering unsecured Auto-Callable Enhanced Return Barrier Notes linked to the ARK Innovation ETF. The notes may be automatically called in January 2027 if the ETF is at or above its initial level, paying $1,170 per $1,000 (a 17% return) and then terminating.

If not called, at maturity in January 2029 investors receive enhanced upside at a 155% participation rate when the ETF finishes above its initial level, full principal back if the ETF stays at or above a 70% barrier, and one-for-one losses below that barrier, which can mean losing most or all principal. The initial estimated value is expected to be $900–$950 per $1,000, less than the public price, reflecting dealer compensation and hedging costs. Payments depend on RBC’s credit, the notes are not insured, and the U.S. tax treatment relies on a prepaid financial contract approach that carries regulatory and IRS uncertainty.

Royal Bank of Canada is offering senior unsecured, zero-coupon notes linked to the MSCI EAFE Index, with a scheduled maturity on January 21, 2028. Each note has a $1,000 principal amount, with $5,115,000 in aggregate, and is issued at 100% of principal with no underwriting discount.

The notes do not pay interest and are not listed on any exchange. If the final index level on the January 19, 2028 determination date is at least 87.50% of the initial level of 2,990.85, investors receive a fixed threshold settlement amount of $1,146 per $1,000 note, a maximum return of 14.6%. If the index finishes below the 87.50% threshold, repayment of principal is reduced on a leveraged basis, so losses increase about 1.1429% for every 1% the index falls below the threshold, down to a possible total loss.

The initial estimated value is $996.31 per $1,000, below the issue price, reflecting RBC’s funding and hedging costs. The notes carry RBC credit risk, may have limited or no secondary market, and are not insured by Canadian or U.S. deposit insurance agencies.

Royal Bank of Canada is issuing Auto-Callable Contingent Coupon Barrier Notes linked to the common stock of NVIDIA Corporation. The notes have a total offering size of $530,000 and minimum investments of $1,000. They pay a contingent coupon of $33.125 per $1,000 each quarter (13.25% per annum) only when NVIDIA’s closing value is at or above the coupon threshold of $109.88, which is 60% of the initial value of $183.14.

The notes are automatically called if, on any call observation date, NVIDIA’s value is at least the initial value, returning $1,000 plus any due coupon, with no further payments. If the notes are not called, investors receive full principal back at maturity only if the final NVIDIA value is at or above the 60% barrier. If the final value is below the barrier, repayment is reduced in line with the underlier return, and investors can lose most or all of their principal.

The initial estimated value is $974.86 per $1,000, below the public offering price, reflecting fees and hedging costs. The notes are unsecured obligations of Royal Bank of Canada, are not insured by CDIC or FDIC, and have complex U.S. tax treatment with potential withholding for non-U.S. holders.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes linked to the worst performer of the Nasdaq-100, Russell 2000 and S&P 500 indexes. The notes pay a contingent coupon of $25 per $1,000 (2.50% per quarter, 10.00% per year) on each coupon date only if every index is at or above 70% of its initial level on the prior observation date.

The notes are automatically called, returning $1,000 plus the coupon, if on a call observation date each index is at or above its initial level. If they are not called, principal is protected at maturity only if the worst-performing index stays at or above 60% of its initial level; otherwise, holders lose principal in line with the decline of that index. The initial estimated value is expected to be $935–$985 per $1,000, below the public offering price, reflecting fees, funding and hedging costs, and the notes carry complex U.S. tax and withholding considerations.

Royal Bank of Canada is offering bail-inable Redeemable Fixed Rate Notes that pay interest at 4.30% per annum, with semiannual payments each January 30 and July 30 starting July 30, 2026. The Notes are scheduled to mature on January 30, 2031, when investors will receive the principal plus the final interest payment if the Notes have not been redeemed earlier.

The Notes are callable at the bank’s option, in whole but not in part, on the January 30, 2028 interest payment date and on each interest payment date thereafter, with 10 business days’ notice. The minimum investment is $1,000 in denominations of $1,000. RBC Capital Markets, LLC will purchase the Notes at prices between $985.00 and $1,000.00 per $1,000 principal amount and may reallow up to $15.00 per $1,000 to selected dealers.

The Notes are subject to Canadian bail-in powers, meaning they can be converted into common shares of Royal Bank of Canada or its affiliates, or varied or extinguished, under the Canadian bail-in regime. They are unsecured obligations of the bank, not insured by Canadian or U.S. deposit insurance agencies, and their tax treatment is expected to be as debt instruments issued without original issue discount for U.S. federal income tax purposes.

Royal Bank of Canada is offering senior Redeemable Fixed Rate Notes due January 16, 2036, with a total offering size of $1,211,000. The notes pay fixed interest of 4.85% per year, with semiannual payments each January 16 and July 16, starting July 16, 2026.

The notes are callable at the bank’s option, in whole but not in part, on January 16, 2029 and on any interest payment date thereafter, at par plus the applicable interest payment. If not called, investors receive principal plus the final interest payment at maturity, subject to the bank’s credit risk.

The price to the public is 100% of principal, with underwriting discounts and commissions of 0.95%, resulting in proceeds to Royal Bank of Canada of 99.05%, or $1,199,495.50. RBC Capital Markets, LLC may sell to some investors at prices as low as $989 per $1,000. The notes are “bail-inable,” meaning they can be converted into common shares or written down under Canadian bail-in powers in a resolution scenario.

Royal Bank of Canada is offering auto-callable contingent coupon barrier notes linked to the worst performer of the Nasdaq-100, Russell 2000 and S&P 500 indexes. The notes are issued at 100% of principal, with proceeds to the bank of 99.25% after underwriting discounts.

If not called, investors may receive a quarterly contingent coupon of $23.375 per $1,000 in principal (9.35% per year) whenever each index closes at or above 70% of its initial level on the relevant observation date. The notes are automatically called if, on a call observation date, each index is at or above its initial level, returning $1,000 plus the coupon.

At maturity in July 2029, if the notes have not been called and the worst-performing index is at or above 60% of its initial level, investors receive full principal back (and any coupon otherwise due). If the worst-performing index is below 60%, repayment is reduced one-for-one with its loss, and investors may lose most or all of principal. The initial estimated value is expected to be between $929.00 and $979.00 per $1,000, below the public offering price.

Royal Bank of Canada is issuing $10,883,000 of Redeemable Fixed Rate Notes due January 16, 2031. The Notes pay a fixed interest rate of 4.30% per annum, with interest paid semiannually on January 16 and July 16, starting July 16, 2026.

The Notes are issued in minimum denominations of $1,000. The price to the public is 100.00% of principal, with underwriting discounts of 0.53%, resulting in proceeds to Royal Bank of Canada of 99.47% of the principal amount.

The Notes are callable at the issuer’s option, in whole but not in part, on the January 16, 2028 interest payment date and on each interest payment date thereafter, upon 10 business days’ notice. They are bail-inable under Canadian law, meaning they may be converted into common shares or written off under the Canadian bail-in regime in a resolution scenario.

Royal Bank of Canada is offering Redeemable Fixed Rate Notes due January 30, 2036 as part of its senior global medium-term note program. The Notes pay a fixed interest rate of 4.75% per annum, with interest paid semiannually on January 30 and July 30, beginning July 30, 2026.

The Notes are redeemable at the bank’s option, in whole but not in part, on the January 30, 2031 interest payment date and on each interest payment date thereafter, at which point investors receive principal plus the applicable interest payment and no further payments. All payments are subject to Royal Bank of Canada’s credit risk.

The Notes are designated as bail-inable under Canadian law, meaning they can be converted into common shares of the bank or its affiliates, or varied or extinguished, in a bail-in conversion. U.S. tax counsel opines that the Notes will be treated as debt instruments issued without original issue discount for U.S. federal income tax purposes. The minimum investment is $1,000, in denominations of $1,000.