Royal Bk Can SEC Filings

Royal Bank of Canada is offering Barrier Digital Notes linked to the performance of three underlying stocks: Conagra Brands, Starbucks, and Target, maturing September 30, 2026. The notes feature:

• 19.15% Digital Return if the least performing stock's final value is at/above its Digital Barrier Value (55% of initial value)
• Return of principal if the least performing stock's final value is below Digital Barrier but at/above Barrier Value (50% of initial value)
• 1:1 loss of principal if least performing stock falls below Barrier Value

Key risks include potential loss of principal, limited returns, dependence on worst-performing stock, and credit risk of Royal Bank of Canada. Initial estimated value ($929.00-$979.00 per $1,000 principal) is below offering price. Notes do not pay interest and have limited secondary market liquidity. Trade Date: June 25, 2025; Maturity: September 30, 2026.

Royal Bank of Canada (RY) has filed a preliminary pricing supplement (Form 424B2) for the issuance of Daily Auto-Callable Absolute Return Digital Notes linked to the S&P 500 Index, maturing 16 October 2026.

Key structural terms:

• Call feature: The note is automatically called at par on any trading day (“Call Observation Date”) when the index closes below 80 % of the initial level. Investors then receive only principal; no further coupons are paid.
• Return profile at maturity (if not called):
  • Upside capped: If the final index level ≥ initial, investors receive par plus a fixed Digital Return of 3.35 % ($33.50 per $1,000).
  • Absolute-value downside participation: If the final index level < initial, investors receive a positive return equal to the absolute value of the negative index move, capped at 20 %.
• No periodic coupons; all cash flows occur on call or maturity.
• Minimum investment: $1,000; CUSIP 78017PBV2; not exchange-listed.
• Issue price: 100 %; estimated value: $935.52–$985.52 (reflects hedging & fees). Underwriting discount 0.50 %; selling concessions up to $5 and structuring fee up to $4 per $1,000.
• Credit exposure: Payments depend solely on RBC’s ability to pay; the notes are senior unsecured, not CDIC/FDIC insured, and not bail-inable.

Investor implications: The structure offers limited upside (3.35 %) and moderate downside participation (max 20 % gain) but embeds significant call risk that can truncate returns when the index falls sharply. Investors also face secondary-market liquidity risk and a purchase price above estimated intrinsic value.

Royal Bank of Canada (RY) has filed a preliminary 424(b)(2) term sheet for “Capped Leveraged Return Notes with Absolute Return Buffer” due July 2027. The two-year senior unsecured notes offer investors leveraged upside of 1.01x–1.21x on any increase in a six-component international equity basket, subject to a 25.00% maximum return ($12.50 per $10 unit). If the basket’s ending value is lower than the starting value but above the 90% Threshold Value, holders receive a positive return equal to the absolute decline (e.g., –5% basket change pays +5%). Below the threshold, exposure becomes 1-to-1, putting up to 90% of principal at risk.

The basket weights are: EURO STOXX 50 (40%), FTSE 100 (20%), Nikkei 225 (20%), Swiss Market (7.5%), S&P/ASX 200 (7.5%), and FTSE China 50 (5%). Notes are issued at $10 with an underwriting discount of $0.20 (reduced to $0.15 for ≥300,000 units) and a $0.05 hedging-related charge. The initial estimated value is expected between $9.01–$9.51, reflecting RBC’s lower internal funding rate and hedge costs. All cash flows occur at maturity; there are no periodic coupons, dividends, or FDIC/Canada Deposit Insurance coverage. Secondary market liquidity is expected to be limited, and repayment depends entirely on RBC’s creditworthiness.

Key service providers: Issuer – Royal Bank of Canada; Calculation Agent – BofA Securities. Documentation references include Prospectus dated 20-Dec-2023 and Product Supplement EQUITY LIRN-1 dated 27-Dec-2023.

The Toronto-Dominion Bank (TD) has filed a preliminary Term Sheet for a new series of Accelerated Return Notes® (ARNs) linked to the SPDR® EURO STOXX 50® ETF (ticker: FEZ). The offering is structured as senior unsecured debt maturing in approximately 14 months (pricing expected in July 2025, maturity in September 2026). Each $10 unit provides 3-to-1 leveraged upside exposure to any increase in the ETF, subject to a capped redemption value of $11.65–$12.05 per unit (representing a total return of 16.5%–20.5%). Investors receive their payoff only at maturity; no periodic coupons are paid.

Downside risk is 1-for-1; if the ETF’s Ending Value is below the Starting Value, holders lose principal in direct proportion to that decline, up to a total loss of $10 per unit. All payments depend on TD’s credit; the notes are not FDIC or CDIC insured and rank pari passu with other senior unsecured TD debt.

The initial estimated value at pricing is projected between $9.344 and $9.644, below the $10 public offering price, reflecting an underwriting discount of $0.175 per unit and a hedging-related charge of $0.05 per unit. Orders of ≥300,000 units qualify for a reduced public price of $9.95 and a $0.125 discount. BofA Securities and TD serve jointly as calculation agents; Merrill Lynch, Pierce, Fenner & Smith will act as distributor. The notes will not be listed on any exchange, and the issuer is not obligated to provide secondary market liquidity.

Key risks highlighted include: potential full principal loss, capped upside, valuation below issue price, limited liquidity, currency and foreign-market exposure inherent in Eurozone equities, model-driven pricing uncertainties, and TD credit exposure. Tax treatment is uncertain; TD and investors intend to treat the ARNs as prepaid derivative contracts, but alternative outcomes (e.g., Section 1260 constructive-ownership rules) are possible.

Investor suitability: the product targets investors who expect a modest rise in Eurozone equities, are willing to forego dividends and uncapped upside, and can bear both TD credit risk and full downside risk.

Schedule 13G Filing – INmune Bio Inc. (NASDAQ: INMB)

CVI Investments, Inc. and its investment manager Heights Capital Management, Inc. have disclosed passive ownership of 1,500,000 common shares of INmune Bio Inc., representing 5.5 % of the company’s 27.24 million shares outstanding as of the June 30 2025 prospectus supplement. The reporting persons claim shared voting and dispositive power over all 1.5 million shares; neither holds sole authority. Both entities certify the stake was not acquired to influence control of the issuer.

The filing date of event is 27 June 2025, triggering disclosure because ownership crossed the 5 % threshold. CVI is a Cayman-domiciled fund, while Heights Capital (Delaware) acts as investment manager and authorized agent, as evidenced by a limited power of attorney (Exhibit I). Sarah Travis signed on behalf of both entities on 2 July 2025.

Because the form is a 13G (rather than 13D), the investors are declaring a passive stake; there is no stated intent to seek board representation, propose strategic changes, or otherwise influence management. Nevertheless, the presence of a professional investment manager holding more than 5 % can affect trading liquidity, perception of institutional support, and future ownership dynamics.

Morgan Stanley Finance LLC is offering Dual Directional Trigger PLUS notes maturing 1 August 2030 that are linked to the EURO STOXX 50® Index. The $1,000-denominated securities pay no periodic interest and expose investors to Morgan Stanley credit risk.

• Upside participation: If the index closes above the initial level on the 29 July 2030 observation date, holders receive principal plus 148-158 % (actual factor set on pricing date) of the index gain.
• Dual-direction feature: If the final level is ≤ initial but ≥ the 70 % downside threshold, investors receive a positive return equal to the absolute index decline, capped at +30 %.
• Principal at risk: If the index closes below 70 % of the initial level, principal is reduced 1 : 1 with the index loss; a complete loss is possible.
• Estimated value: Morgan Stanley estimates the note’s fair value at $919.20—roughly 8 % below the $1,000 issue price—reflecting distribution and hedging costs.
• Liquidity & listing: The notes will not be listed; secondary trading will rely solely on MS & Co.’s discretion, potentially at significant discounts.
• Key dates: Strike & pricing 28 July 2025; settlement 31 July 2025; observation 29 July 2030; maturity 1 August 2030.

The product may appeal to investors who:

• Seek enhanced upside exposure to Eurozone large-cap equities.
• Believe the index will remain above 70 % of its 28 July 2025 level at maturity.
• Can tolerate illiquidity, price opacity and full principal loss risk, and are comfortable with the credit risk of Morgan Stanley.

Royal Bank of Canada has announced Dual Directional Trigger Jump Securities linked to the MSCI Emerging Markets Index, due July 6, 2028. These structured notes offer unique investment characteristics with a $1,000 principal amount per security.

Key features include:

• A fixed 30% upside payment ($300) if the final index value equals or exceeds initial value
• An "absolute value return" feature providing positive returns up to 10% if index declines but stays above 90% trigger value
• 1:1 downside exposure if index falls below trigger value, with potential for complete loss
• No periodic interest payments

The securities will be issued on July 3, 2025, with an initial estimated value between $910.51 and $960.51. RBCCM will receive a $30 fee per security, with $25 going to Morgan Stanley Wealth Management as sales commission and $5 as structuring fee. These securities are not listed on any exchange and carry Royal Bank of Canada's credit risk.

Royal Bank of Canada has announced Enhanced Return Buffer Notes linked to the MSCI Emerging Markets Index, due July 5, 2030. The notes offer enhanced return potential with a 108% participation rate in the index's positive performance and partial downside protection.

Key features include:

• Principal protection if the index declines up to 20% (Buffer Value)
• For declines beyond 20%, investors lose 1% for each 1% decline beyond the buffer
• No periodic interest payments
• Minimum investment of $1,000
• Initial estimated value between $900-$950 per $1,000 principal amount

The offering includes underwriting discounts of 3.20%, with selling concessions up to $32.00 per $1,000 principal amount. The notes will not be listed on any securities exchange and are subject to Royal Bank of Canada's credit risk. This structured product aims to provide enhanced exposure to emerging markets with partial downside protection.

Royal Bank of Canada has issued $7,768,000 in Stepdown Auto-Callable Barrier Notes linked to the performance of the Russell 2000® Index and EURO STOXX 50® Index, due June 25, 2030. The notes feature:

• Auto-Call Feature: Notes will be automatically called if both underliers close at/above call values on annual observation dates, paying 10.80% return per annum
• Principal Protection Barrier: 65% of initial value for each index
• Potential Returns: Maximum return of 54% if called on final observation date
• Risk Features: If not called and least performing index falls below barrier at maturity, investors lose 1% for each 1% decline from initial value

The initial estimated value is $983.08 per $1,000 principal amount, below the public offering price. The notes are not listed on any exchange and all payments are subject to Royal Bank of Canada's credit risk. The notes are not FDIC insured or bail-inable.