Every 424B that ROYAL BK CDA QUEN PFD (RBMCF) has filed with the SEC in the last 12 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 424B covers the supplement that carries the terms of a priced offering, so if you follow RBMCF and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full RBMCF filings page.
Royal Bank of Canada plans to issue Redeemable Fixed Rate Notes due December 23, 2032, as part of its Senior Global Medium-Term Notes, Series J. The Notes pay a fixed interest rate of 4.50% per annum, with interest paid semiannually on June 23 and December 23, beginning June 23, 2026. The Notes are subject to optional redemption at the bank’s discretion, in whole but not in part, on the December 23, 2027 interest date and on each interest payment date thereafter, at which point investors receive principal plus the applicable interest payment and no further payments.
The minimum investment is $1,000 and multiples of $1,000. The price to the public is 100% of principal, while RBC Capital Markets, LLC will purchase the Notes at between $982.50 and $1,000 per $1,000 principal and may share an underwriting discount of up to $17.50 per $1,000 with selected dealers. The Notes are designated as bail-inable notes under Canadian law, meaning they can be converted into common shares or written down under Canadian bail-in powers, and they are not insured by Canadian or U.S. deposit insurance agencies.
Royal Bank of Canada is offering redeemable fixed rate notes due December 18, 2028 as part of its Senior Global Medium-Term Notes, Series J. The notes pay fixed interest of 4.05% per annum, with interest paid annually on December 18, starting in 2026.
The notes are callable at Royal Bank of Canada’s option in whole, but not in part, on the scheduled interest payment dates falling on December 18, 2026 and December 18, 2027, with 10 business days’ prior notice. Minimum investment is $1,000, in denominations of $1,000. RBC Capital Markets, LLC will purchase the notes at prices between $987.50 and $1,000 per $1,000 principal amount and may reallow up to $12.50 per $1,000 to selected dealers. The notes are bail-inable under Canadian law, meaning they may be converted into common shares of the bank or an affiliate under the Canadian bail-in regime, and all payments are subject to the issuer’s credit risk.
Royal Bank of Canada is offering market-linked, principal-at-risk securities tied to the S&P 500® Index, each with a $1,000 face amount and maturing on January 3, 2028. The notes provide 125% leveraged upside participation in index gains, but returns are capped by a maximum return that will be set on the pricing date and will be at least 19.10%, implying a minimum maximum maturity payment of $1,191 per security.
The notes include a 10% buffer: if the index falls by 10% or less, investors receive the full face amount at maturity, but if it falls more than 10%, losses increase 1-to-1 and investors can lose up to 90% of principal. The initial estimated value is expected to range from $911.50 to $961.50 per security, below the $1,000 original offering price, reflecting internal funding, hedging costs and agent compensation. Payments depend entirely on the credit of Royal Bank of Canada and the notes pay no periodic interest and are not insured or exchange-listed.
Royal Bank of Canada is offering auto-callable contingent coupon barrier notes linked to the Solactive Equal Weight U.S. Semi Conductor Select AR Index. The notes are issued at 100% of principal, with underwriting discounts of 2.25% and proceeds to the bank of 97.75% of the principal amount.
Investors may receive a monthly contingent coupon of 0.9583% (11.50% per year) per $1,000, but only if the index closes at or above 75% of its initial value on the relevant observation date. The notes can be automatically called quarterly if the index is at or above its initial level, in which case holders receive $1,000 plus the applicable coupon.
If the notes are not called and the final index value is at least 70% of the initial value, investors receive full principal back (plus any due coupon). If it falls below 70%, repayment is reduced one-for-one with the index loss, and investors can lose most or all of their principal. The initial estimated value per $1,000 is expected between $898.50 and $948.50, below the public offering price, and returns depend on RBC’s credit and complex tax treatment.
Royal Bank of Canada is offering fixed coupon geared buffer notes linked to NVIDIA common stock. Each $1,000 note is sold at 100% of principal, with underwriting discounts of 0.75% and proceeds to RBC of 99.25%. The initial estimated value is expected to range from $939 to $989 per $1,000 note, reflecting internal funding and hedging costs.
The notes pay a fixed coupon of $60.50 per $1,000 at maturity, equal to 12.10% per annum over the approximately six‑month term. At maturity, investors receive $1,000 if NVIDIA’s closing price on the valuation date is at or above 80% of its initial value. If NVIDIA falls below this 20% buffer, investors receive NVIDIA shares worth less than $1,000, based on a preset share amount, plus the coupon, and could lose their entire principal. All payments depend on RBC’s credit. The notes are unsecured, not insured, and involve complex tax and liquidity risks.
Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes linked to the Solactive Equal Weight U.S. Semi Conductor Select AR Index. The Notes are issued at 100% of principal, with proceeds to the bank of 99% after underwriting discounts, and a minimum investment of $1,000.
The Notes pay a contingent monthly coupon of $11.667 per $1,000 (14.00% per annum) only when the index closes at or above 75% of its initial value on the relevant observation date. The Notes may be automatically called quarterly if the index is at or above its initial value, in which case investors receive $1,000 plus the applicable coupon and no further payments.
At maturity, if not called, investors receive full principal back only if the final index value is at least 70% of the initial value; below that barrier, repayment is reduced one-for-one with the index decline, and investors can lose most or all of principal. The initial estimated value is expected to be $916–$966 per $1,000, below the public offering price, and all payments are subject to RBC’s credit risk and complex U.S. tax treatment.
Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes linked to the Bloomberg US Large Cap VolMax Index. The notes pay a monthly contingent coupon of $10.417 per $1,000 (12.50% per annum) only if the index is at or above 60% of its initial level on the observation date, and may be automatically called quarterly if the index is at or above its initial level, returning $1,000 plus the coupon. If the notes are not called and the final index level is below the 60% barrier, repayment of principal is reduced one-for-one with the index loss, and investors can lose most or all of their investment. The price to the public is 100% of principal, while the initial estimated value is expected to be $857.50–$907.50 per $1,000, reflecting structuring and hedging costs. The underlier is a leveraged, volatility-targeted index with daily deductions for financing, a 6% annual factor and transaction costs, which create a persistent drag on performance. All payments are unsecured and subject to RBC’s credit risk.
Royal Bank of Canada is offering Fixed Coupon Geared Buffer Notes linked to the Class A common stock of Alphabet Inc. These notes pay a fixed coupon of $47.50 per $1,000 of principal, which corresponds to 9.50% per annum, regardless of how the Alphabet share price performs.
At maturity on June 4, 2026, investors receive $1,000 per note if the Alphabet share price on the valuation date is at or above 80% of its initial level. If the share price has fallen below this 80% buffer, investors receive shares of Alphabet instead of principal, based on a fixed “Physical Delivery Amount,” so the value returned can be significantly below $1,000 and could fall to zero in an extreme decline.
The notes are unsecured senior debt of Royal Bank of Canada, so all payments depend on the bank’s credit. The initial estimated value per $1,000 note is expected to be between $939 and $989, below the public offering price, reflecting underwriting discounts, hedging costs and the bank’s internal funding rate. The tax treatment is complex and uncertain, with counsel treating the notes as a combination of a put option and a cash deposit for U.S. federal income tax purposes.
Royal Bank of Canada is issuing Redeemable Fixed Rate Notes as part of its Senior Global Medium-Term Notes, Series J. The Notes pay a fixed interest rate of 4.25% per annum, with interest paid semiannually on June 16 and December 16 of each year, beginning June 16, 2026 and ending at maturity.
The Notes are scheduled to mature on December 16, 2030. Royal Bank of Canada may, at its option, redeem all (but not part) of the Notes on the June 16, 2027 interest date and on any subsequent interest payment date, paying principal plus the applicable interest payment on the call date. All payments are subject to the issuer’s credit risk, and the Notes are not insured by Canadian or U.S. deposit insurance schemes.
The Notes are described as bail-inable, meaning they may be converted into common shares of Royal Bank of Canada or its affiliates under Canadian bail-in powers if certain resolution conditions are met, after which holders would have no further rights in respect of the converted portion except as provided under the bail-in regime. U.S. investors are advised that, in counsel’s opinion, the Notes are treated as debt instruments for U.S. federal income tax purposes and should consult their tax advisers.
Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes linked to the common stock of NVIDIA Corporation. The Notes are issued at 100% of principal for a total of $784,000, with underwriting discounts of 2.35% and net proceeds to RBC of 97.65%. The initial estimated value is $971.31 per $1,000, below the public offering price.
The Notes pay a contingent coupon of $30 per $1,000 each quarter (12.00% per annum) only if NVDA’s closing value is at or above a coupon threshold set at 55% of the initial value, or $97.80 based on an initial value of $177.82. Missed coupons have a memory feature and can be paid later if conditions are met.
The Notes are automatically called if NVDA is at or above its initial value on a call observation date, returning principal plus applicable coupons. If not called, and the final NVDA value is at or above the 55% barrier, investors receive full principal; if it is below the barrier, repayment is reduced one-for-one with NVDA’s loss, and investors can lose a substantial portion or all of their principal. All payments depend on RBC’s credit.
Royal Bank of Canada is offering five separate Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon, each linked to a different U.S. equity: Albemarle, Amazon, Blackstone, CrowdStrike and Alphabet.
The notes pay a quarterly contingent coupon at annual rates ranging from 10.00% to 15.00%, but only if the relevant share price is at or above a defined coupon threshold on observation dates. Missed coupons can be paid later under the memory feature if conditions are met.
The notes can be automatically called quarterly from May 2026 if the underlier is at or above its initial value, returning principal plus due coupons. If not called and the final share value is below the barrier level (50%–70% of the initial price, depending on the underlier), repayment of principal is reduced one-for-one with the stock’s loss, up to a total loss. The securities are unsecured obligations of Royal Bank of Canada, not insured by deposit insurance schemes, have initial estimated values below the public offering price and involve complex U.S. tax and withholding considerations.
Royal Bank of Canada is offering $11,178,580 of Buffer Autocallable GEARS, senior unsecured notes linked to a weighted basket of five equity indices: EURO STOXX 50 (40%), Nikkei 225 (25%), FTSE 100 (17.5%), Swiss Market Index (10%) and S&P/ASX 200 (7.5%). Each Security has a $10 denomination, with a minimum $1,000 investment, and matures in November 2028 unless automatically called in December 2026. If the basket value on the call date is at or above its initial level, investors receive $11 per Security (a 10% Call Return) and the notes terminate. If not called and the basket return is positive at maturity, the payoff is $10 plus 1.85 times the basket gain. If the basket is flat or down but no worse than a 10% decline, principal is repaid at $10. Below the 90% downside threshold, losses match the basket’s decline beyond the 10% buffer, up to a 90% loss of principal. The notes pay no coupons, are not exchange‑listed, and all payments depend on RBC’s creditworthiness; the initial estimated value is $9.71 per $10 note, below the public offering price.
Royal Bank of Canada is offering long-dated Redeemable Fixed Rate Notes that pay interest at 5.05% per annum. The Notes are scheduled to be issued on December 12, 2025 and to mature on December 12, 2040, with interest paid annually each December 12 starting in 2026.
Royal Bank of Canada may, at its option, redeem the Notes in whole (but not in part) on the interest payment date in 2027 and on any annual interest payment date thereafter, repaying principal plus the applicable interest payment on the call date. All payments are subject to the bank’s credit risk, and the Notes are not insured by Canadian or U.S. deposit insurance agencies.
The Notes are designated as bail-inable notes, meaning they may be converted into common shares of Royal Bank of Canada or its affiliates, or written down, under Canadian bail-in powers if certain regulatory conditions are met. RBC Capital Markets, LLC acts as underwriter, purchasing the Notes at prices that may range between $972.50 and $1,000.00 per $1,000 principal amount and may reoffer them to investors at these levels.
Royal Bank of Canada is offering $2,201,410 of Buffer Autocallable Securities linked to a basket of five global equity indices, issued at $10 per Security with a minimum $1,000 investment and maturing on November 27, 2030. The basket is unequally weighted, led by the EURO STOXX 50 Index at 40%, with a Call Return of 12.50%, a 100% Participation Rate in positive basket performance at maturity, a 25% Buffer and a Downside Threshold set at 75% of the Initial Basket Value.
The Securities may be automatically called on December 1, 2026 if the Basket Value is at or above the Initial Basket Value, in which case holders receive $11.25 per Security and no further payments. If not called and the Final Basket Value falls below the Downside Threshold, principal is reduced in proportion to losses beyond the 25% buffer, up to a 75% loss of principal. The Securities pay no interest or dividends, are unsecured and unsubordinated debt of RBC, are not exchange-listed, and all payments depend on RBC’s creditworthiness. RBC expects net proceeds of $2,146,374.75 after $55,035.25 in fees to UBS Financial Services Inc.
Royal Bank of Canada is offering $1,400,000 of Auto-Callable Contingent Coupon Barrier Notes linked to the S&P 500 Index. The notes are issued at 100% of principal, with underwriting discounts of 1.75% and proceeds to Royal Bank of Canada of 98.25% of the principal amount.
The notes pay a quarterly contingent coupon of $20.625 per $1,000 (8.25% per annum) only if the S&P 500 closes at or above 90% of its initial level on the relevant observation date. They may be automatically called each quarter if the index is at or above its initial value, returning $1,000 plus the coupon. If not called and at maturity the index is below the 90% barrier, repayment of principal is reduced one-for-one with the index loss, and investors could lose most or all of their investment. The initial estimated value is $978.43 per $1,000, below the public offering price.
Royal Bank of Canada is issuing Auto-Callable Contingent Coupon Barrier Notes linked to the Russell 2000, S&P 500 and EURO STOXX 50, with a total offering size of $850,000. The notes are sold at 100% of principal, with 2.50% in underwriting discounts, providing 97.50% of proceeds to the bank. Investors may receive a quarterly contingent coupon of 2.1875% (8.75% per year) per $1,000 note if all three indices stay at or above 70% of their initial levels on each observation date.
The notes can be automatically called quarterly starting in November 2026 if every index is at or above its initial value, in which case holders receive $1,000 plus the applicable coupon and no further payments. If the notes are not called, principal is repaid in full at maturity only if the least performing index finishes at or above 70% of its initial level; otherwise repayment is reduced one-for-one with that index’s loss, potentially to zero. The initial estimated value is $965.91 per $1,000, below the public offering price, and all payments depend on Royal Bank of Canada’s credit.
Royal Bank of Canada is issuing auto-callable contingent coupon barrier notes linked to the weaker of the VanEck Semiconductor ETF (SMH) and the SPDR S&P Oil & Gas Exploration & Production ETF (XOP). The $750,000 offering is priced at 100% of principal, with 1% in underwriting discounts and 99% of proceeds to the bank.
The notes pay a quarterly contingent coupon of $44.25 per $1,000 (4.425% per quarter, 17.70% per year) only if, on the relevant observation date, both underliers are at or above 70% of their initial values. The notes are automatically called if, on any call observation date, both ETFs are at or above their initial values, returning $1,000 plus the coupon, with no further payments.
If not called, at maturity investors receive $1,000 per note only if the least performing ETF is at or above its 70% barrier. If the least performer is below its barrier, repayment of principal is reduced one-for-one with its loss, and investors can lose most or all of their investment. The initial estimated value is $988.27 per $1,000, below the public offering price.
Royal Bank of Canada is offering Trigger Autocallable Contingent Yield Notes linked to the S&P 500 Index, maturing on or about November 30, 2028. The Notes pay a quarterly contingent coupon only if the index closes at or above a barrier set at 75% of the Initial Underlying Value, with an annual coupon rate expected between 8.75% and 9.20%. The Notes can be called automatically each quarter starting six months after issuance if the index is at or above its initial level, in which case holders receive $10 per Note plus the applicable coupon.
If the Notes are not called, and at maturity the index is at or above the downside threshold (also 75% of the initial level), investors receive $10 per Note plus the final coupon. If the index is below this threshold at maturity, repayment is reduced in proportion to the index loss, up to a total loss of principal. Denomination is $10 per Note with a minimum investment of 100 Notes. The initial estimated value is expected to be between $9.45 and $9.95 per Note, below the $10 offering price, and all payments are subject to RBC’s credit risk.
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 $1,026,000 and $841,000, respectively. The notes mature on November 30, 2027 and provide 150% participation in positive index performance, subject to a maximum return of 20% for the Nasdaq-100 note and 23% for the Russell 2000 note, plus a 10% downside buffer. If the relevant index finishes below the 10% buffer level, investors lose principal in proportion to further declines and could lose a substantial amount of their investment. The initial estimated values of approximately $956.48 and $959.43 per $1,000 indicate embedded fees and hedging costs, and secondary market prices may be lower than the issue price. U.S. tax counsel views the notes as prepaid financial contracts, but this treatment is uncertain and could change.
Royal Bank of Canada is offering $1,156,000 of Enhanced Return Notes linked to the S&P 500 Market Agility 10 TCA 0.5% Decrement Index. These senior unsecured notes pay back $1,000 per note at maturity in May 2029, plus upside if the index finishes above its initial level, using a 105% participation rate. If the index is flat or down, investors receive only their principal, with no periodic interest.
The price to the public is 100% of principal, with underwriting discounts of 2.541%, so proceeds to RBC are 97.459%. The initial estimated value is $950.58 per $1,000, reflecting internal funding and hedging costs. The underlier embeds a 0.5% annual decrement plus additional funding and transaction costs, which, together with futures roll and volatility targeting, can weigh on long-term index performance.
The notes are subject to RBC’s credit risk, are not insured by any deposit insurer, and are treated as contingent payment debt instruments for U.S. tax purposes, requiring accrual of taxable interest based on a comparable yield even though no coupons are paid.
Royal Bank of Canada is issuing Capped Enhanced Return Buffer Notes linked to the EURO STOXX 50® Index with a total offering size of $641,000. The notes pay at maturity based on index performance over a two-year term, using a 200% participation rate on gains, capped at a maximum return of 19% (up to $1,190 per $1,000). A 15% downside buffer protects principal only if the index does not fall more than 15%; beyond that level, investors lose principal in proportion to further declines.
The public offering price is 100% of principal, with underwriting discounts of 2.062% and proceeds to Royal Bank of Canada of 97.938%. The initial estimated value is $959.72 per $1,000, lower than the public price, reflecting hedging costs, fees and the bank’s funding rate. Payments depend entirely on the bank’s credit and the notes are not insured or bail-inable.
Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes linked to the Bloomberg US Large Cap VolMax Index. The Notes are issued at 100% of principal, with underwriting discounts of 4.00%, resulting in proceeds to Royal Bank of Canada of $119,040 on a $124,000 total offering.
The Notes pay a contingent coupon of $10.625 per $1,000 (1.0625% per month, 12.75% per annum) only when the Underlier is at or above the 60% Coupon Threshold on the relevant observation date. They may be automatically called quarterly if the Underlier is at or above its initial value, in which case investors receive $1,000 plus the applicable coupon and no further payments. At maturity, if not called, investors receive full principal only if the Final Underlier Value is at or above the 60% Barrier; otherwise, repayment is reduced one-for-one with the Underlier loss, and principal could be substantially or fully lost.
The initial estimated value is $915.66 per $1,000, below the public offering price, reflecting internal funding and hedging costs. The Underlier itself is a leveraged, volatility-targeting, excess-return index with daily deductions for notional financing, a 6% per annum factor and transaction costs, all of which weigh on its performance.
Royal Bank of Canada is offering $4,493,000 of senior unsecured Notes linked to an equally weighted basket of 10 large-cap U.S. equities, including Cisco, Chevron, Coca-Cola, McDonald’s, PepsiCo and Verizon. The Basket is set to an initial value of 100 on the November 24, 2025 trade date, and the Notes mature on May 30, 2031.
At maturity, investors receive their $1,000 principal plus 100% of any positive Basket return; if the Basket is flat or down, repayment is limited to principal only, with no downside participation in equity losses. The minimum investment is $1,000. The public price is $1,000 per Note, but RBC’s initial estimated value is $951.30, reflecting underwriting discounts, referral fees and hedging costs.
The Notes are RBC senior debt, not insured deposits and not bail-inable. They are treated as contingent payment debt instruments for U.S. tax purposes, requiring annual interest accruals based on a comparable yield. RBC believes Section 871(m) dividend-equivalent withholding should not apply to Non-U.S. Holders, and the Notes may have limited or no secondary market liquidity.
Royal Bank of Canada is offering senior unsecured market-linked notes tied to the S&P 500® Index, maturing July 6, 2028, with a $1,000 face amount per security. The initial estimated value is expected to range from $910.00 to $960.00 per security, below the $1,000.00 original offering price, reflecting agent discounts, hedging costs and the bank’s internal funding rate.
At maturity, investors get $1,000 plus index-linked returns: 100% upside participation up to a maximum upside return of at least 21.30% (at least $213.00), a 15% buffer on the downside, and a contingent “absolute value” feature that can provide positive returns if the Index falls by up to 15%. If the Index declines more than 15%, losses are 1-for-1 beyond the buffer and investors can lose up to 85% of principal.
The securities pay no interest, are not insured deposits, and all payments depend on Royal Bank of Canada’s credit. There may be little or no secondary market, and any sale before maturity could be at a substantial discount to the original price.
Royal Bank of Canada is offering senior unsecured market-linked notes tied to the lowest performing of Goldman Sachs, Meta Platforms and Exxon Mobil common stocks, auto-callable and maturing on December 21, 2028. Each security has a $1,000 face amount, with an initial estimated value expected between $905.00 and $955.00, below the original offering price, reflecting fees, funding and hedging costs.
Investors may receive quarterly contingent coupons at a per annum rate of at least 22.00%, but only if the lowest performing stock on each calculation day closes at or above 70% of its starting value. The same 70% level serves as the downside threshold at maturity: if the notes are not called and the lowest performer finishes below this threshold, repayment is reduced in line with that stock’s decline, and investors can lose more than 30%, up to their entire principal. The notes can be automatically called starting around June 2026 if the lowest performer is at or above its starting value, in which case holders receive $1,000 plus a final coupon. All payments depend on RBC’s credit and there is no listing or assured secondary market.
Royal Bank of Canada is offering $1,752,000 of Enhanced Return Notes linked to the S&P 500 Market Agility 10 TCA 0.5% Decrement Index. The notes mature on November 29, 2030, with a minimum investment of $1,000.
At maturity, investors receive their $1,000 principal back per note if the index is at or below its initial level of 3,860.11, and upside exposure of 140% of any positive index return if the index finishes higher. The notes do not pay coupons and all payments depend on RBC’s credit.
The price to the public is 100% of principal, including an underwriting discount of 2.086%, resulting in proceeds to RBC of 97.914%. The initial estimated value is $934.40 per $1,000 note, reflecting embedded costs, fees and hedging. The underlier is subject to a 0.5% annual decrement and additional transaction and funding costs that reduce index performance.
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 sold at $1,000 per Note, with underwriting discounts of 3.625% and initial estimated value of $946.96 per $1,000, meaning investors pay more than the bank’s estimated economic value.
If not called and the index stays at or above 75% of its initial level on observation dates, investors receive a contingent coupon of $8.958 per $1,000 (10.75% per year). The Notes are automatically called if the index is at or above its initial level on specified quarterly call dates, returning $1,000 plus the coupon. At maturity, if not called, principal is fully returned only if the index is at or above a 70% barrier; below that, repayment is reduced in line with the index loss, and investors can lose most or all of their principal. All payments depend on Royal Bank of Canada’s credit.
Royal Bank of Canada is offering Trigger Jump Securities, which are senior unsecured notes linked to the common stock of NVIDIA Corporation and maturing on July 6, 2027. These securities do not pay interest and your principal is at risk.
Each security has a stated principal amount of $1,000. At maturity, if NVIDIA’s final stock value is greater than or equal to its initial value, you receive $1,000 plus a fixed upside payment of $373.50, a 37.35% gain. If the final value is below the initial value but at or above the trigger level, set at 65% of the initial value, you receive back only the $1,000 principal.
If the final value is below the 65% trigger, your payout is $1,000 plus $1,000 multiplied by the underlier return, so your loss matches NVIDIA’s percentage decline from the initial level and can reach a total loss of principal. The initial estimated value is expected between $919.68 and $969.68 per security, below the $1,000 issue price, and the notes will not be listed on any exchange, with all payments subject to Royal Bank of Canada’s credit risk.
Royal Bank of Canada is offering senior unsecured market-linked notes tied to the common stock of NVIDIA Corporation, maturing on February 22, 2027. Each security has a $1,000 face amount and does not pay interest or dividends.
At maturity, if NVIDIA’s ending stock price is above its starting value, investors receive $1,000 plus 150% of the stock’s percentage gain, limited by a maximum return of at least 31.20%, so the maximum maturity amount is at least $1,312 per security. If the stock is flat or down by up to the 15% buffer, investors receive the $1,000 face amount. If it falls by more than 15%, repayment is reduced 1-for-1 beyond the buffer and investors can lose up to 85% of principal.
The notes are senior unsecured obligations of Royal Bank of Canada, subject to its credit risk. They will not be listed on any exchange, and secondary market trading may be limited and at prices below the issue price. The initial estimated value is expected to be between $914.00 and $964.00 per security, less than the $1,000 original offering price, reflecting dealer discounts, hedging costs and RBC’s internal funding rate.
Royal Bank of Canada is offering $2,000,000 of Airbag In-Digital Securities linked to the SPDR S&P 500 ETF Trust (SPY), issued in $1,000 denominations and maturing on May 27, 2027. These notes pay no interest or dividends and are unsecured RBC debt.
At maturity, if SPY’s final value is at or above the Digital Barrier and Conversion Price of $494.27 (75% of the $659.03 Initial Underlying Value), each note pays $1,101, reflecting a fixed 10.10% Digital Return. If the final value is below the Conversion Price, holders receive 2.0232 SPY shares per $1,000 note, likely worth less than principal and potentially zero.
The notes are not listed on an exchange, may have limited liquidity, and all payments depend on RBC’s credit. UBS will place the notes in fee-based advisory accounts without an upfront selling commission. RBC’s initial estimated value is $1,000.35 per Security, which may differ from any secondary market value.
Royal Bank of Canada is issuing $1,066,000 of Auto-Callable Enhanced Return Barrier Notes linked to an equally weighted basket of five U.S. stocks: Advanced Micro Devices, Broadcom, Marvell Technology, NVIDIA and Oracle. The Notes are due on November 29, 2028 and require a minimum investment of $1,000.
The Notes may be automatically called on November 30, 2026 if the basket is at or above its initial level, paying $1,180 per $1,000 (an 18% total return), with no further payments. If not called, at maturity investors receive enhanced upside at a 150% participation rate if the basket has risen, full principal back if the basket has fallen but stays at or above a 60% barrier, and a loss matching the basket’s decline if it finishes below the barrier. The initial estimated value is $1,017.78 per $1,000, below the $1,000 issue price, and all payments depend on RBC’s credit.
Royal Bank of Canada is issuing Barrier Digital Notes linked to the worst performer of the MSCI Emerging Markets Index and the EURO STOXX 50 Index. The total offering size is $3,650,000, with a price to the public of 100% of principal, underwriting discounts of 3.50% and proceeds to the bank of 96.50%.
The Notes run from a trade date of November 24, 2025 to a maturity date of November 29, 2030. Each index has a barrier set at 70% of its initial value. If the least performing index finishes at or above its initial value, investors receive $1,000 plus the greater of its return or a fixed 56% digital return per $1,000. If it finishes below its initial value but at or above the barrier, investors receive only principal back; if it closes below the barrier, repayment is reduced one-for-one with the loss, and principal could be largely or entirely lost.
The initial estimated value is $937.20 per $1,000, below the public price, reflecting funding and hedging costs. The Notes are unsecured debt subject to Royal Bank of Canada’s credit risk, are not insured deposits, and involve complex tax, liquidity and market risks.
Royal Bank of Canada is issuing Capped Enhanced Return Buffer Notes linked to the SPDR® Gold Trust. The total offering price is $439,000, with proceeds to the bank of $422,946.25 after underwriting discounts and commissions.
The Notes run from a trade date of November 24, 2025 to a maturity date of November 29, 2030. They offer 125% participation in positive Underlier returns, capped at a 48% maximum return, and include a 20% downside buffer. If the SPDR Gold Trust falls more than 20% by the valuation date, investors lose principal in line with losses beyond the buffer. The initial estimated value is $943.99 per $1,000, below the public offering price, and payments depend on Royal Bank of Canada’s credit.
Royal Bank of Canada is offering auto-callable enhanced return barrier notes linked to the Solactive Equal Weight U.S. Blue Chip Select AR Index, with a total offering of $408,000 at 100% of principal. After underwriting costs of 3.625%, proceeds to RBC are 96.375% of the principal amount.
The notes may be automatically called on November 30, 2026 if the index is at or above its initial value, paying $1,200 per $1,000 note (a 20% return) with no further payments. If not called, at maturity investors receive upside at a 150% participation rate when the index is above its initial value, full principal back if the index is between the initial level and the barrier, and 1:1 downside if the index falls below the barrier set at 70% of the initial value, meaning principal losses can be substantial. The initial estimated value is $940.29 per $1,000, and all payments depend on RBC’s credit. The notes are not insured and carry complex risk and tax characteristics.
Royal Bank of Canada is offering up to $1,590,000 of Capped Return Dual Directional Buffer Notes linked to the S&P 500® Index. These three-year notes are issued at $1,000 minimum denominations, with an underwriting discount of 2.05%, resulting in proceeds of $1,557,400 to the bank.
At maturity, investors get enhanced exposure to index moves within defined limits. If the index rises, returns match the index gain at a 100% participation rate but are capped at a 16.50% maximum upside, or $1,165 per $1,000 note. If the index falls by up to 10%, investors receive a positive return equal to the absolute value of that decline, up to 10%.
If the index drops more than 10%, principal is exposed to losses beyond the 10% buffer, so a large decline could result in substantial loss of principal. The initial estimated value is $957.73 per $1,000, reflecting dealer compensation and hedging costs. The notes are unsecured RBC debt, are not insured by deposit insurers, and all payments depend on RBC’s credit.
Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes linked to the Solactive Equal Weight U.S. Semi Conductor Select AR Index, with a total public offering of $461,000. The Notes are sold at 100% of principal, with proceeds to the bank of 97.75% after underwriting discounts.
Investors can receive a monthly contingent coupon of $9.583 per $1,000 (11.50% per annum) if on each observation date the index is at or above the Coupon Threshold of 26,381.72, which is 75% of the initial value of 35,175.62. The Notes are automatically called quarterly if the index closes at or above its initial value, returning $1,000 per Note plus the applicable coupon.
If the Notes are not called, principal is repaid at maturity on May 30, 2028 if the final index value is at or above the Barrier Value of 24,622.93 (70% of the initial value). If the final value is below the barrier, repayment is reduced one-for-one with the index loss, and investors can lose a substantial portion or all of their principal. The initial estimated value is $962.56 per $1,000, less than the public offering price, and the Notes carry significant market, structural and tax risks and are not insured deposits.
Royal Bank of Canada is issuing Auto-Callable Enhanced Return Barrier Notes linked to an equally weighted basket of large U.S. bank stocks: Bank of America, Citigroup, Goldman Sachs, Morgan Stanley and Wells Fargo. The total offering size is $945,000, sold at 100% of principal, with proceeds to RBC of $923,625 after underwriting discounts and commissions.
The Notes have a trade date of November 24, 2025, a maturity date of November 29, 2028, and may be automatically called on December 7, 2026 if the basket is at or above its initial value. If called, investors receive $1,115 per $1,000, and the Notes terminate. If not called, investors participate 150% in any positive basket return at maturity, but principal is only protected so long as the final basket value stays at or above 70% of its initial level. If the basket falls below this 70% barrier, repayment of principal is reduced one-for-one with the basket loss, potentially to zero.
The initial estimated value is $958.08 per $1,000, below the public offering price, and secondary market values may be lower. Payments depend on RBC’s credit, and the Notes are unsecured, uninsured debt with complex tax treatment and significant market, issuer and structural risks.
Royal Bank of Canada is offering Capped Enhanced Return Buffer Notes linked to the S&P 500 Index, with a total public offering of $1,856,000 at 100% of principal and proceeds to the issuer of 98.053%. The two-year notes are scheduled to price on November 24, 2025 and mature on November 30, 2027, with payment based on the index level on the valuation date.
The notes offer 125% participation in positive S&P 500 returns, capped at a Maximum Return of 17% (maximum payout $1,170 per $1,000 note). A 10% downside buffer protects principal if the index decline is within that range, but below the 90% Buffer Value investors lose principal in line with index losses beyond the buffer. All payments depend on Royal Bank of Canada’s credit.
The initial estimated value is $959.72 per $1,000 note, below the public price, reflecting underwriting discounts, hedging costs and the bank’s funding rate. The notes may trade at a significant discount in any secondary market. U.S. tax counsel views them as prepaid financial contracts with uncertain tax treatment, and counsel expects Section 871(m) dividend equivalent rules not to apply to Non-U.S. holders.
Royal Bank of Canada is offering Capped Enhanced Return Buffer Notes linked to the S&P 500® Index, maturing on June 1, 2027. These unsecured senior notes provide 150% participation in any positive index return, but gains are capped at a maximum return of 18.50%, or $1,185 per $1,000 at maturity. A 10% downside buffer protects principal for index losses up to 10%; below that level investors lose principal in line with further declines.
The initial estimated value is expected to be between $945 and $995 per $1,000, less than the public offering price, reflecting funding and hedging costs. The notes are not insured or bail-inable and all payments depend on Royal Bank of Canada’s credit. Liquidity may be limited, secondary market prices may be volatile and below issue price, and investors face complex U.S. tax treatment with potential future regulatory changes.
Royal Bank of Canada is issuing $775,000 of Auto-Callable Contingent Coupon Buffer Notes linked to the Bloomberg US Large Cap VolMax Index, maturing on November 29, 2030. The notes pay a contingent coupon of $37.50 per $1,000 (3.75% quarterly, 15.00% per annum) only if the index is at or above the Coupon Threshold of 75% of the initial index level on the relevant observation date.
The notes are auto-callable quarterly starting May 26, 2026 if the index is at or above its initial level, in which case investors receive $1,000 plus the coupon and no further payments. At maturity, if not called, principal is protected only down to the 15% buffer; below 85% of the initial level, repayment of principal is reduced, with losses increasing one-for-one beyond the buffer. The initial estimated value is $932.52 per $1,000, below the public offering price, and all payments are subject to RBC’s credit risk.
Royal Bank of Canada is offering Performance Leveraged Upside Securities (PLUS) linked to the S&P 500 Index, maturing on December 31, 2026, under its Senior Global Medium-Term Notes, Series J program. Each PLUS has a stated principal amount of $1,000, pays no interest and is a senior unsecured obligation subject to RBC’s credit risk.
At maturity, if the index is at or above its initial level, investors receive $1,000 plus 200% of the index gain, capped at a maximum payment of $1,134 per PLUS (113.40% of principal). If the index is below its initial level, the payout is reduced one-for-one with the index loss, so investors can lose some or all of their principal.
The PLUS will not be listed on any exchange, and their value before maturity will depend on market conditions, RBC’s creditworthiness and hedging costs. The initial estimated value per PLUS is expected to be between $923.23 and $973.23, lower than the $1,000 issue price, reflecting commissions and hedging. The issuer expects to treat the PLUS as prepaid financial contracts for U.S. tax purposes, but notes that this treatment is uncertain and could change with future IRS or legislative action.
Royal Bank of Canada is offering $5,339,000 of Capped Return Notes linked to the SPDR® Gold Trust. These notes let investors participate 100% in the Underlier’s upside, but gains are capped at a Maximum Return of 12.45%, for a maximum payment of $1,124.50 per $1,000. On the downside, losses at maturity are limited by a Minimum Return of -5%, so the minimum payment is $950 per $1,000 even if GLD falls sharply.
The notes are unsecured RBC debt, fully subject to the bank’s credit risk and are not insured by U.S. or Canadian agencies. The initial estimated value is $985.71 per $1,000, lower than the public offering price of 100%, reflecting dealer discounts and hedging costs. The Underlier’s initial value is $374.27, with valuation on December 4, 2026 and maturity on December 9, 2026. Liquidity may be limited and any secondary market price could be well below the issue price.
Royal Bank of Canada is issuing auto-callable contingent coupon barrier notes linked to the Russell 2000 and EURO STOXX 50, referencing the worst-performing index. The total offering is $2,618,000, priced at 100% of principal, with proceeds to RBC of 97.65%.
The notes pay a contingent coupon of 2.1425% per quarter (8.57% per year) when both indices are at or above 70% of their initial levels on observation dates, and may be called quarterly if both are at or above their initial values. If not called, principal is fully returned only if the worst index finishes at or above the 70% barrier; otherwise repayment falls in line with the index loss, and investors can lose most or all of their principal. The initial estimated value is $959.39 per $1,000.
Royal Bank of Canada is offering redeemable fixed rate notes with an aggregate price to the public of $1,975,000. The Notes pay a fixed interest rate of 4.30% per annum, with interest paid semiannually on May 26 and November 26 of each year, beginning May 26, 2026, and maturing on November 26, 2030 unless redeemed earlier.
The Notes are callable at the bank’s option, in whole but not in part, on the interest payment date scheduled for May 26, 2027 and on each interest payment date thereafter, at par plus the applicable interest payment. They are issued in minimum denominations of $1,000, are subject to Royal Bank of Canada’s credit risk, and are designated as Canadian bail-inable notes, meaning they may be converted into common shares or written down under Canadian bail-in powers in a resolution scenario.
Royal Bank of Canada is issuing Redeemable Fixed Rate Notes with a total public offering price of $1,992,000. The notes pay 4.50% per annum, with interest paid semiannually each May 26 and November 26, beginning May 26, 2026.
The notes are scheduled to mature on November 26, 2032, but Royal Bank of Canada may redeem them early, in whole but not in part, on the November 26, 2027 interest payment date and on any later interest payment date, upon 10 business days’ prior notice. If redeemed or held to maturity, investors receive the principal amount plus the applicable interest payment, subject to the bank’s credit risk.
The minimum investment is $1,000. Proceeds to Royal Bank of Canada are 99.29% of the principal amount, or $1,977,856.80, after underwriting discounts. The notes are designated as bail-inable under Canadian law, meaning they may be converted into common shares of Royal Bank of Canada (or an affiliate) in a bail-in conversion, at which point investors would lose their rights as noteholders and instead hold equity under the Canadian bail-in regime.
Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes linked to the S&P 500® Index, maturing on December 1, 2026. The Notes pay a quarterly contingent coupon of $20.625 per $1,000 (about 8.25% per annum) only if, on the relevant observation date, the index is at or above a coupon threshold set at 90% of the initial index level, which is also the principal protection barrier.
The Notes can be automatically called on quarterly call observation dates starting May 26, 2026 if the index is at or above its initial level, in which case holders receive $1,000 plus the contingent coupon and no further payments. If the Notes are not called and the final index level is below the 90% barrier, repayment of principal is reduced one-for-one with the index loss, up to a complete loss of the $1,000 principal. Hypothetical examples show that a 50% index decline would result in a $500 payment per $1,000 note and no final coupon.
The price to the public is 100.00% of principal, with underwriting discounts of 1.75% and proceeds to Royal Bank of Canada of 98.25%. The bank’s initial estimated value is expected to be between $923.00 and $973.00 per $1,000, reflecting hedging and distribution costs, and the Notes are subject to the issuer’s credit risk and complex U.S. federal tax treatment.
Royal Bank of Canada is issuing $4,775,000 of Airbag Autocallable Yield Notes linked to the common stock of UnitedHealth Group Incorporated (UNH), due November 27, 2026. The notes pay a fixed monthly coupon at an annual rate of 11.25% regardless of stock performance.
The notes may be called quarterly if UNH’s closing price is at or above the Initial Underlying Value of $311.54, in which case investors receive $1,000 per note plus the coupon and the product terminates. If not called and the final price is at or above the Conversion Price of $264.81 (85% of the initial value), investors receive full principal in cash plus the last coupon. If the final price is below the Conversion Price, investors receive the coupon and about 3.7763 UNH shares per note, which may be worth substantially less than $1,000 and could be worth zero. The notes are senior unsecured RBC debt, not listed on any exchange, carry full downside market risk to UNH below the Conversion Price, and are subject to RBC’s credit risk.
Royal Bank of Canada is offering auto-callable contingent coupon barrier notes linked to the VanEck Semiconductor ETF (SMH) and the SPDR S&P Oil & Gas Exploration & Production ETF (XOP). The notes are issued at 100% of principal with 1.00% underwriting discounts, providing 99.00% of proceeds to the bank.
Investors may receive a quarterly contingent coupon of $44.25 per $1,000 (4.425% per quarter, 17.70% per year) only if the closing value of each ETF on the relevant observation date is at or above 70% of its initial value. The notes are automatically called if, on any call observation date, both ETFs are at or above their initial values, returning principal plus the coupon, with no further payments.
If the notes are not called and the worst-performing ETF finishes below its 70% barrier, repayment of principal is reduced one-for-one with the ETF’s loss, so investors can lose a substantial portion or all of their investment. The initial estimated value is expected to be $890–$940 per $1,000, below the public offering price, and all payments are subject to Royal Bank of Canada’s credit risk and complex U.S. tax treatment.
Royal Bank of Canada is issuing $1,115,000 of Airbag In-Digital Securities linked to the S&P 500® Index, maturing on May 26, 2027. Each Security has a $10 principal amount and offers a 14.00% Digital Return at maturity if the Final Underlying Value is at or above the Digital Barrier/Downside Threshold of 5,942.69, which is 90% of the Initial Underlying Value of 6,602.99. Below that threshold, repayment is reduced using a downside gearing of approximately 1.11111, so losses increase about 1.11111% for each 1% S&P 500 decline beyond the 10% Threshold Percentage, potentially up to a total loss of principal. The Securities pay no interest or dividends, are senior unsecured RBC debt, will not be listed on any exchange, and have an initial estimated value of $9.93 per $10 Security, reflecting structuring and hedging costs.
Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes linked to the least performing of the Nasdaq-100, Russell 2000 and S&P 500 indices. The notes are issued at 100% of principal for a total offering size of $3,436,000, with proceeds to the bank of 99.993% after fees.
The notes pay a contingent coupon of $25 per $1,000 each quarter (10.00% per annum) only if, on the relevant observation date, each index is at or above 70% of its initial value. The notes can be automatically called quarterly if all indices are at or above their initial values, returning principal plus that period’s coupon.
If not called, investors receive at maturity either full principal (and possibly the final coupon) if the worst index stays at or above 60% of its initial value, or a reduced amount based on the negative return of the worst index if it falls below this barrier, potentially resulting in a total loss of principal. The initial estimated value is $980.70 per $1,000, below the public offering price.