[424B2] ROYAL BANK OF CANADA Prospectus Supplement
Royal Bank of Canada plans to issue Redeemable Fixed Rate Notes due October 31, 2029. The Notes pay a fixed 4.05% per annum, with interest paid annually on October 31, beginning October 31, 2026. Payments are subject to the issuer’s credit risk.
The Notes are callable at the issuer’s option, in whole but not in part, on any Interest Payment Date starting October 31, 2026, with 10 business days’ prior written notice. Minimum investment is $1,000 and in $1,000 increments, using a 30/360 day count convention.
The public offering price is 100.00% of principal, though certain accounts may pay as low as $987.50 per $1,000 principal amount. Underwriting discounts may be up to $12.50 per $1,000. These are bail-inable notes under Canadian law, which may be converted into equity in a resolution scenario.
Royal Bank of Canada intende emettere Note a tasso fisso rimborsabili con scadenza al 31 ottobre 2029. Le Note pagano un tasso fisso del 4,05% annuo, con interessi pagati annualmente il 31 ottobre, a partire dal 31 ottobre 2026. I pagamenti sono soggetti al rischio di credito dell'emittente.
Le Note sono richiammabili a scelta dell'emittente, per intero ma non in parte, in qualsiasi Data di Pagamento degli Interessi a partire dal 31 ottobre 2026, con un preavviso scritto di 10 giorni lavorativi. L'investimento minimo è di 1.000 dollari e in incrementi di 1.000, utilizzando una convenzione di conteggio dei giorni 30/360.
Il prezzo di offerta pubblico è 100,00% del valore nominale, sebbene alcuni conti possano pagare fino a 987,50 dollari per 1.000 di valore nominale. Gli sconti di collocamento possono essere fino a 12,50 dollari per 1.000. Si tratta di note bail-in secondo la legge canadese, che possono essere convertite in azioni in uno scenario di risoluzione.
Royal Bank of Canada planea emitir Notas a tasa fija canjeables con vencimiento el 31 de octubre de 2029. Las Notas pagan un interés fijo del 4,05% anual, con intereses pagados anualmente el 31 de octubre, a partir del 31 de octubre de 2026. Los pagos están sujetos al riesgo de crédito del emisor.
Las Notas son canjeables a opción del emisor, en su totalidad pero no en parte, en cualquier Fecha de Pago de Intereses a partir del 31 de octubre de 2026, con aviso previo por escrito de 10 días hábiles. La inversión mínima es de 1.000 dólares y en incrementos de 1.000, utilizando una convención de conteo de días 30/360.
El precio de oferta pública es 100,00% del principal, aunque ciertas cuentas pueden pagar tan solo 987,50 dólares por cada 1.000 de principal. Los descuentos de colocación pueden ser de hasta 12,50 dólares por 1.000. Estas son notas bail-in bajo la ley canadiense, que pueden convertirse en acciones en un escenario de resolución.
캐나다 왕립은행은 만기 2029년 10월 31일인 상환가능 고정금리 채권을 발행할 계획입니다. 이 채권은 연간 고정 이자 4.05%를 지급하며, 이자는 2026년 10월 31일부터 매년 지급됩니다. 지급은 발행자의 신용 위험에 따라 달라집니다.
채권은 발행인의 선택에 의한 상환가능으로, 전부는 가능하나 부분적으로는 불가하며, 2026년 10월 31일 이후의 이자 지급일에 10영업일 전에 서면으로 통지해야 합니다. 최소 투자액은 1,000달러이고 1,000달러 단위로, 30/360 일수 계산 기준을 사용합니다.
공모가는 원금의 100.00%이지만 일부 계정은 원금당 1,000당 987.50달러까지 지불할 수 있습니다. 주간사 할인은 최대 1,000당 12.50달러까지일 수 있습니다. 이는 캐나다 법에 따른 bail-in 가능 채권으로, 해결 시나리오에서 주식으로 전환될 수 있습니다.
La Banque Royale du Canada envisage d’émettre des billets à taux fixe remboursables arrivant à échéance le 31 octobre 2029. Les billets versent un taux fixe de 4,05 % par an, les intérêts étant payés annuellement le 31 octobre, à partir du 31 octobre 2026. Les paiements sont soumis au risque de crédit de l’émetteur.
Les billets sont rachetables à l’option de l’émetteur, dans leur intégralité mais pas en partie, à n’importe quelle date de paiement des intérêts à partir du 31 octobre 2026, avec un préavis écrit de 10 jours ouvrables. L’investissement minimum est de 1 000 $ et par incréments de 1 000 $, en utilisant une convention de comptage des jours 30/360.
Le prix d’offre publique est de 100,00 % du principal, bien que certaines comptabilités puissent payer aussi peu que 987,50 $ par 1 000 $ de principal. Les remises de souscription peuvent atteindre jusqu’à 12,50 $ par 1 000. Il s’agit de notes bail-in selon la loi canadienne, qui peuvent être converties en actions dans un scénario de résolution.
Royal Bank of Canada plant, rückzahlbare Festzinsanleihen mit Fälligkeit am 31. Oktober 2029 auszugeben. Die Anleihen zahlen einen festen Zinssatz von 4,05 % p.a., die Zinsen werden jährlich am 31. Oktober gezahlt, beginnend am 31. Oktober 2026. Zahlungen unterliegen dem Kreditrisiko des Emittenten.
Die Anleihen sind nach Wahl des Emittenten vollständig, nicht jedoch teilweise, an jedem Zinszahlungstermin ab dem 31. Oktober 2026 kündbar, mit einer schriftlichen Vorankündigung von 10 Arbeitstagen.
Das Mindestinvestment beträgt 1.000 USD und erfolgt in Schritten von 1.000, unter Verwendung der 30/360-Tagezählung.
Der öffentliche Angebotspreis beträgt 100,00 % des Nennwerts, obwohl bestimmte Konten bis zu 987,50 USD pro 1.000 USD Nennwert zahlen können. Underwriting-Rabatte können bis zu 12,50 USD pro 1.000 betragen. Diese sind bail-in-fähige-noten gemäß kanadischem Recht, die im Falls eines Abwicklungsplans in Eigenkapital umgewandelt werden können.
مصرف كندا الملكي يخطط لإصدار سندات قابلة للاسترداد بفائدة ثابتة حتى تاريخ الاستحقاق 31 أكتوبر 2029. تدفع السندات فائدة ثابتة قدرها 4.05% سنوياً، وتُدفع الفوائد سنويًا في 31 أكتوبر، بدءًا من 31 أكتوبر 2026. المدفوعات خاضعة لمخاطر الائتمان الخاصة بالمصدر.
السندات قابلة للسحب عند اختيار المصدر، بالكامل ولكن ليس جزئياً، في أي تاريخ دفع فائدة ابتداءً من 31 أكتوبر 2026، مع إشعار كتابي مسبق لمدة 10 أيام عمل. الحد الأدنى للاستثمار هو 1,000 دولار وبزيادات قدرها 1,000، باستخدام اتفاقية احتساب الأيام 30/360.
سعر العرض العام هو 100.00% من القيمة الاسمية، مع العلم أن بعض الحسابات قد تدفع حتى 987.50 دولاراً لكل 1,000 من القيمة الاسمية. قد تكون خصومات الترتيب حتى 12.50 دولاراً لكل 1,000. هذه هي سندات Bail-in بموجب القانون الكندي، والتي قد تُحوَّل إلى أسهم في سيناريو الحل.
加拿大皇家银行（Royal Bank of Canada） 计划发行可赎回固定利率票据，期限至 2029 年 10 月 31 日。票据支付固定利率 4.05% 年度，利息每年于 10 月 31 日支付，自2026 年 10 月 31 日起开始。支付受发行人信用风险影响。
票据可在发行人选项下被赎回，全部赎回但不可部分赎回，在任何 利息给付日 起，需提前 10 个工作日以书面形式通知。最低投资额为 1,000 美元，以 1,000 美元递增，采用 30/360 日计息规则。
公开发行价为 本金的 100.00%，尽管某些账户可能仅支付到每 1,000 本金 987.50 美元。承销折让最多可达 每 1,000 美元 12.50 美元。在加拿大法律下，这些票据属于可发生 Bail-in 的票据，在解决情景下可能转为股票。
- None.
- None.
Royal Bank of Canada intende emettere Note a tasso fisso rimborsabili con scadenza al 31 ottobre 2029. Le Note pagano un tasso fisso del 4,05% annuo, con interessi pagati annualmente il 31 ottobre, a partire dal 31 ottobre 2026. I pagamenti sono soggetti al rischio di credito dell'emittente.
Le Note sono richiammabili a scelta dell'emittente, per intero ma non in parte, in qualsiasi Data di Pagamento degli Interessi a partire dal 31 ottobre 2026, con un preavviso scritto di 10 giorni lavorativi. L'investimento minimo è di 1.000 dollari e in incrementi di 1.000, utilizzando una convenzione di conteggio dei giorni 30/360.
Il prezzo di offerta pubblico è 100,00% del valore nominale, sebbene alcuni conti possano pagare fino a 987,50 dollari per 1.000 di valore nominale. Gli sconti di collocamento possono essere fino a 12,50 dollari per 1.000. Si tratta di note bail-in secondo la legge canadese, che possono essere convertite in azioni in uno scenario di risoluzione.
Royal Bank of Canada planea emitir Notas a tasa fija canjeables con vencimiento el 31 de octubre de 2029. Las Notas pagan un interés fijo del 4,05% anual, con intereses pagados anualmente el 31 de octubre, a partir del 31 de octubre de 2026. Los pagos están sujetos al riesgo de crédito del emisor.
Las Notas son canjeables a opción del emisor, en su totalidad pero no en parte, en cualquier Fecha de Pago de Intereses a partir del 31 de octubre de 2026, con aviso previo por escrito de 10 días hábiles. La inversión mínima es de 1.000 dólares y en incrementos de 1.000, utilizando una convención de conteo de días 30/360.
El precio de oferta pública es 100,00% del principal, aunque ciertas cuentas pueden pagar tan solo 987,50 dólares por cada 1.000 de principal. Los descuentos de colocación pueden ser de hasta 12,50 dólares por 1.000. Estas son notas bail-in bajo la ley canadiense, que pueden convertirse en acciones en un escenario de resolución.
캐나다 왕립은행은 만기 2029년 10월 31일인 상환가능 고정금리 채권을 발행할 계획입니다. 이 채권은 연간 고정 이자 4.05%를 지급하며, 이자는 2026년 10월 31일부터 매년 지급됩니다. 지급은 발행자의 신용 위험에 따라 달라집니다.
채권은 발행인의 선택에 의한 상환가능으로, 전부는 가능하나 부분적으로는 불가하며, 2026년 10월 31일 이후의 이자 지급일에 10영업일 전에 서면으로 통지해야 합니다. 최소 투자액은 1,000달러이고 1,000달러 단위로, 30/360 일수 계산 기준을 사용합니다.
공모가는 원금의 100.00%이지만 일부 계정은 원금당 1,000당 987.50달러까지 지불할 수 있습니다. 주간사 할인은 최대 1,000당 12.50달러까지일 수 있습니다. 이는 캐나다 법에 따른 bail-in 가능 채권으로, 해결 시나리오에서 주식으로 전환될 수 있습니다.
La Banque Royale du Canada envisage d’émettre des billets à taux fixe remboursables arrivant à échéance le 31 octobre 2029. Les billets versent un taux fixe de 4,05 % par an, les intérêts étant payés annuellement le 31 octobre, à partir du 31 octobre 2026. Les paiements sont soumis au risque de crédit de l’émetteur.
Les billets sont rachetables à l’option de l’émetteur, dans leur intégralité mais pas en partie, à n’importe quelle date de paiement des intérêts à partir du 31 octobre 2026, avec un préavis écrit de 10 jours ouvrables. L’investissement minimum est de 1 000 $ et par incréments de 1 000 $, en utilisant une convention de comptage des jours 30/360.
Le prix d’offre publique est de 100,00 % du principal, bien que certaines comptabilités puissent payer aussi peu que 987,50 $ par 1 000 $ de principal. Les remises de souscription peuvent atteindre jusqu’à 12,50 $ par 1 000. Il s’agit de notes bail-in selon la loi canadienne, qui peuvent être converties en actions dans un scénario de résolution.
Royal Bank of Canada plant, rückzahlbare Festzinsanleihen mit Fälligkeit am 31. Oktober 2029 auszugeben. Die Anleihen zahlen einen festen Zinssatz von 4,05 % p.a., die Zinsen werden jährlich am 31. Oktober gezahlt, beginnend am 31. Oktober 2026. Zahlungen unterliegen dem Kreditrisiko des Emittenten.
Die Anleihen sind nach Wahl des Emittenten vollständig, nicht jedoch teilweise, an jedem Zinszahlungstermin ab dem 31. Oktober 2026 kündbar, mit einer schriftlichen Vorankündigung von 10 Arbeitstagen.
Das Mindestinvestment beträgt 1.000 USD und erfolgt in Schritten von 1.000, unter Verwendung der 30/360-Tagezählung.
Der öffentliche Angebotspreis beträgt 100,00 % des Nennwerts, obwohl bestimmte Konten bis zu 987,50 USD pro 1.000 USD Nennwert zahlen können. Underwriting-Rabatte können bis zu 12,50 USD pro 1.000 betragen. Diese sind bail-in-fähige-noten gemäß kanadischem Recht, die im Falls eines Abwicklungsplans in Eigenkapital umgewandelt werden können.
 |
Registration Statement No. 333-275898 Filed Pursuant to Rule 424(b)(2) | |
The information in this preliminary pricing supplement is not complete and may be changed. | ||
|
Preliminary Pricing Supplement Subject to Completion: Dated October 15, 2025
Pricing Supplement dated October __, 2025 to the Prospectus dated December 20, 2023, the Prospectus Supplement dated December 20, 2023 and the Product Supplement No. 1B dated July 22, 2025 |
$ Redeemable Fixed Rate Notes, Due October 31, 2029
Royal Bank of Canada
| |
Royal Bank of Canada is offering the Redeemable Fixed Rate Notes (the “Notes”) described below.
| · | The Notes will accrue interest at the rate of 4.05% per annum, payable annually. |
| · | We may redeem the Notes in whole, but not in part, as described under “Key Terms” below. |
| · | Any payments on the Notes are subject to our credit risk. |
| · | The Notes will not be listed on any securities exchange. |
| · | The Notes are bail-inable notes (as defined in the accompanying prospectus supplement) and are subject to conversion in whole or in part—by means of a transaction or series of transactions and in one or more steps—into common shares of Royal Bank of Canada or any of its affiliates under subsection 39.2(2.3) of the Canada Deposit Insurance Corporation Act (the “CDIC Act”) and to variation or extinguishment in consequence, and subject to the application of the laws of the Province of Ontario and the federal laws of Canada applicable therein in respect of the operation of the CDIC Act with respect to the Notes. |
CUSIP: 78014RL40
Investing in the Notes involves a number of risks. See “Selected Risk Considerations” beginning on page P-4 of this pricing supplement and “Risk Factors” in the accompanying prospectus, prospectus supplement and product supplement.
None of the Securities and Exchange Commission (the “SEC”), any state securities commission or any other regulatory body has approved or disapproved of the Notes or passed upon the adequacy or accuracy of this pricing supplement. Any representation to the contrary is a criminal offense. The Notes will not constitute deposits insured by the Canada Deposit Insurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other Canadian or U.S. governmental agency or instrumentality.
| Per Note | Total | ||
| Price to public(1) | 100.00% | $ | |
| Underwriting discounts and commissions(1) | $ | ||
| Proceeds to Royal Bank of Canada | $ |
(1) RBC Capital Markets, LLC will purchase the Notes from us on the Issue Date at purchase prices between $987.50 and $1,000.00 per $1,000 principal amount of Notes, and will pay all or a portion of its underwriting discount of up to $12.50 per $1,000 principal amount of Notes to certain selected broker-dealers as a selling concession. Certain dealers who purchase the Notes for sale to certain fee-based advisory accounts and/or eligible institutional investors may forgo some or all of their selling concessions, fees or commissions. The public offering price for investors purchasing the Notes in these accounts and/or for an eligible institutional investor may be as low as $987.50 per $1,000 principal amount of Notes. See “Supplemental Plan of Distribution (Conflicts of Interest)” below.
RBC Capital Markets, LLC
| Redeemable Fixed Rate Notes |
KEY TERMS
The information in this “Key Terms” section is qualified by any more detailed information set forth in this pricing supplement and in the accompanying prospectus, prospectus supplement and product supplement.
| Issuer: | Royal Bank of Canada |
| Underwriter: | RBC Capital Markets, LLC (“RBCCM”) |
| Minimum Investment: | $1,000 and minimum denominations of $1,000 in excess thereof |
| Pricing Date: | October 29, 2025 |
| Issue Date: | October 31, 2025 |
| Maturity Date:* | October 31, 2029 |
| Interest Rate: | 4.05% per annum |
| Interest Payment Dates:* | Annually, on October 31 of each year, beginning on October 31, 2026 and ending on the Maturity Date. If an Interest Payment Date is not a business day, interest will be paid on the next business day, without adjustment, and no additional interest will be paid in respect of the postponement. |
| Payment at Maturity: |
If the Notes are not redeemed at our option, we will pay you the principal amount, together with the applicable interest payment, on the Maturity Date. All payments on the Notes are subject to our credit risk. |
| Redemption: | The Notes are redeemable at our option, in whole, but not in part, on any Call Date upon 10 business days’ prior written notice. If we redeem the Notes, we will pay you the principal amount, together with the applicable interest payment, on the relevant Call Date. No further payments will be made on the Notes. |
| Call Dates:* | The Interest Payment Date scheduled to occur on October 31, 2026 and each Interest Payment Date thereafter |
| Day Count Convention: | 30 / 360 |
| Canadian Bail-in Powers Acknowledgment: | The Notes are bail-inable notes. See “Agreement with Respect to the Exercise of Canadian Bail-in Powers” below. |
| Calculation Agent: | RBCCM |
* Subject to postponement. See “General Terms of the Notes—Postponement of a Payment Date” in the accompanying product supplement.
| P-2 | RBC Capital Markets, LLC |
| Redeemable Fixed Rate Notes |
ADDITIONAL TERMS OF YOUR NOTES
You should read this pricing supplement together with the prospectus dated December 20, 2023, as supplemented by the prospectus supplement dated December 20, 2023, relating to our Senior Global Medium-Term Notes, Series J, of which the Notes are a part, and the product supplement no. 1B dated July 22, 2025. This pricing supplement, together with these documents, contains the terms of the Notes and supersedes all other prior or contemporaneous oral statements as well as any other written materials, including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures, fact sheets, brochures or other educational materials of ours.
We have not authorized anyone to provide any information or to make any representations other than those contained or incorporated by reference in this pricing supplement and the documents listed below. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. These documents are an offer to sell only the Notes offered hereby, but only under circumstances and in jurisdictions where it is lawful to do so. The information contained in each such document is current only as of its date.
If the information in this pricing supplement differs from the information contained in the documents listed below, you should rely on the information in this pricing supplement.
You should carefully consider, among other things, the matters set forth in “Selected Risk Considerations” in this pricing supplement and “Risk Factors” in the documents listed below, as the Notes involve risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the Notes.
You may access these documents on the SEC website at www.sec.gov as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):
| · | Prospectus dated December 20, 2023: |
https://www.sec.gov/Archives/edgar/data/1000275/000119312523299520/d645671d424b3.htm
| · | Prospectus Supplement dated December 20, 2023: |
https://www.sec.gov/Archives/edgar/data/1000275/000119312523299523/d638227d424b3.htm
| · | Product Supplement No. 1B dated July 22, 2025: |
https://www.sec.gov/Archives/edgar/data/1000275/000095010325009131/dp231901_424b2-opsn1b.htm
Our Central Index Key, or CIK, on the SEC website is 1000275. As used in this pricing supplement, “Royal Bank of Canada,” the “Bank,” “we,” “our” and “us” mean only Royal Bank of Canada.
| P-3 | RBC Capital Markets, LLC |
| Redeemable Fixed Rate Notes |
SELECTED RISK CONSIDERATIONS
The Notes involve risks not associated with an investment in ordinary fixed rate notes. We urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the Notes. Some of the risks that apply to an investment in the Notes are summarized below, but we urge you to read also the “Risk Factors” sections of the accompanying prospectus, prospectus supplement and product supplement. You should not purchase the Notes unless you understand and can bear the risks of investing in the Notes.
Risks Relating to the Terms and Structure of the Notes
| · | The Notes Are Subject to the Risk of an Early Redemption — We have the option to redeem the Notes on the Call Dates set forth above. It is more likely that we will redeem the Notes prior to the Maturity Date to the extent that the interest payable on the Notes is greater than the interest that would be payable on our other instruments of a comparable maturity, terms and credit rating trading in the market. If the Notes are redeemed prior to the Maturity Date, you may have to re-invest the proceeds in a lower rate environment, and you will not receive any further payments on the Notes. |
| · | Payments on the Notes Are Subject to Our Credit Risk, and Market Perceptions about Our Creditworthiness May Adversely Affect the Market Value of the Notes — The Notes are our senior unsecured debt securities, and your receipt of any amounts due on the Notes is dependent upon our ability to pay our obligations as they come due. If we were to default on our payment obligations, you may not receive any amounts owed to you under the Notes and you could lose your entire investment. In addition, any negative changes in market perceptions about our creditworthiness may adversely affect the market value of the Notes. |
Risks Relating to the Secondary Market for the Notes
| · | There May Not Be an Active Trading Market for the Notes; Sales in the Secondary Market May Result in Significant Losses — There may be little or no secondary market for the Notes. The Notes will not be listed on any securities exchange. RBCCM and our other affiliates may make a market for the Notes; however, they are not required to do so and, if they choose to do so, may stop any market-making activities at any time. Because other dealers are not likely to make a secondary market for the Notes, the price at which you may be able to trade your Notes is likely to depend on the price, if any, at which RBCCM or any of our other affiliates is willing to buy the Notes. Even if a secondary market for the Notes develops, it may not provide enough liquidity to allow you to easily trade or sell the Notes. We expect that transaction costs in any secondary market would be high. As a result, the difference between bid and ask prices for your Notes in any secondary market could be substantial. If you sell your Notes before maturity, you may have to do so at a substantial discount from the price that you paid for them, and as a result, you may suffer significant losses. The Notes are not designed to be short-term trading instruments. Accordingly, you should be able and willing to hold your Notes to maturity. |
| · | Certain Built-in Costs Are Likely to Adversely Affect the Market Value of the Notes — While the payment at maturity is based on the full principal amount of your Notes, the public offering price of the Notes includes the underwriting discount, our estimated profit and the estimated costs relating to our hedging of the Notes. As a result, assuming no change in market conditions or any other relevant factors, the price, if any, at which you may be able to sell your Notes prior to maturity may be less than your original purchase price, as any such sale price would not be expected to include the underwriting discount, our estimated profit or the hedging costs relating to the Notes. |
Risks Relating to Conflicts of Interest and Our Trading Activities
| · | Our and Our Affiliates’ Business and Trading Activities May Create Conflicts of Interest — You should make your own independent investigation of the merits of investing in the Notes. Our and our affiliates’ economic interests are potentially adverse to your interests as an investor in the Notes due to our and our affiliates’ business and trading activities, and we and our affiliates have no obligation to consider your interests in taking any actions that might affect the value of the Notes. Trading by us and our affiliates may adversely affect the market value of the Notes. See “Risk Factors—Risks Relating to Conflicts of Interest” in the accompanying product supplement. |
| P-4 | RBC Capital Markets, LLC |
| Redeemable Fixed Rate Notes |
| · | RBCCM’s Role as Calculation Agent May Create Conflicts of Interest — As Calculation Agent, our affiliate, RBCCM, will make any determinations necessary to calculate any payments on the Notes. In making these determinations, the Calculation Agent may be required to make discretionary judgments. In making these discretionary judgments, the economic interests of the Calculation Agent are potentially adverse to your interests as an investor in the Notes, and any of these determinations may adversely affect any payments on the Notes. The Calculation Agent will have no obligation to consider your interests as an investor in the Notes in making any determinations with respect to the Notes. |
| P-5 | RBC Capital Markets, LLC |
| Redeemable Fixed Rate Notes |
AGREEMENT WITH RESPECT TO THE EXERCISE OF CANADIAN BAIL-IN POWERS
By its acquisition of the Notes, each holder or beneficial owner is deemed to (i) agree to be bound, in respect of that Note, by the CDIC Act, including the conversion of that Note, in whole or in part—by means of a transaction or series of transactions and in one or more steps—into common shares of the Bank or any of its affiliates under subsection 39.2(2.3) of the CDIC Act and the variation or extinguishment of that Note in consequence, and by the application of the laws of the Province of Ontario and the federal laws of Canada applicable therein in respect of the operation of the CDIC Act with respect to that Note; (ii) attorn and submit to the jurisdiction of the courts in the Province of Ontario with respect to the CDIC Act and those laws; and (iii) acknowledge and agree that the terms referred to in paragraphs (i) and (ii), above, are binding on that holder or beneficial owner despite any provisions in the indenture or that Note, any other law that governs that Note and any other agreement, arrangement or understanding between that holder or beneficial owner and the Bank with respect to that Note.
Holders and beneficial owners of any Note will have no further rights in respect of that Note to the extent that Note is converted in a bail-in conversion, other than those provided under the bail-in regime, and by its acquisition of an interest in any Note, each holder or beneficial owner of that Note is deemed to irrevocably consent to the converted portion of the principal amount of that Note and any accrued and unpaid interest thereon being deemed paid in full by the Bank by the issuance of common shares of the Bank (or, if applicable, any of its affiliates) upon the occurrence of a bail-in conversion, which bail-in conversion will occur without any further action on the part of that holder or beneficial owner or the trustee; provided that, for the avoidance of doubt, this consent will not limit or otherwise affect any rights that holders or beneficial owners may have under the bail-in regime.
See “Description of Notes We May Offer―Special Provisions Related to Bail-inable Notes” in the accompanying prospectus supplement for a description of provisions applicable to the Notes as a result of Canadian bail-in powers.
UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS
You should review carefully the section in the accompanying product supplement entitled “United States Federal Income Tax Considerations,” focusing particularly on the section entitled “—Tax Consequences to U.S. Holders—Notes Treated as Debt Instruments—General.” The following discussion, when read in combination with “United States Federal Income Tax Considerations” in the accompanying product supplement, constitutes the full opinion of our counsel, Davis Polk & Wardwell LLP, regarding the material U.S. federal income tax consequences of owning and disposing of the Notes. This discussion assumes that you purchased the Notes for cash in the original issuance at the stated issue price and does not address other circumstances specific to you. In the opinion of our counsel, which is based on representations provided by us, it is reasonable to treat the Notes for U.S. federal income tax purposes as debt instruments that are issued without original issue discount. You should consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the Notes in your particular circumstances, as well as tax consequences arising under the laws of any state, local or non-U.S. taxing jurisdiction.
SUPPLEMENTAL PLAN OF DISTRIBUTION (CONFLICTS OF INTEREST)
After the initial offering of the Notes, the public offering price of the Notes may change.
RBCCM or another of its affiliates or agents may use this pricing supplement in the initial sale of the Notes. In addition, RBCCM or another of our affiliates may use this pricing supplement in a market-making transaction in the Notes after their initial sale. Unless we or our agent informs the purchaser otherwise in the confirmation of sale, this pricing supplement is being used in a market-making transaction.
For additional information about the settlement cycle of the Notes, see “Plan of Distribution” in the accompanying prospectus. For additional information as to the relationship between us and RBCCM, see the section “Plan of Distribution—Conflicts of Interest” in the accompanying prospectus.
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