Royal Bk Can SEC Filings

Royal Bank of Canada (RY) has filed a $5 million 424B2 pricing supplement for Auto-Callable Fixed Coupon Barrier Notes with Daily Barrier Observation due 25 June 2026. The Notes reference the Nasdaq-100, Russell 2000 and S&P 500; performance is determined by the least-performing index.

Fixed income profile

• Coupon: 11.65% p.a. (0.9708% monthly) paid so long as the Notes have not been called.
• Auto-call: Monthly, beginning Sept 22 2025. If every index closes ≥ its initial value on an observation date, investors receive $1,000 principal plus the scheduled coupon and the Notes terminate.
• Barrier protection: 70% of each index’s initial value, monitored daily. If a Barrier Event occurs and the final level of the worst index is < its initial value, redemption is principal-at-risk, reduced 1% for each 1% decline in that index.
• Maturity payment: If not previously called and the barrier is never breached or the worst index finishes ≥ its initial, investors receive full principal plus coupon; otherwise, repayment is reduced as above.

Key economics

• Issue price 100%; estimated initial value $993.06 (≈99.3%) indicating built-in costs.
• Underwriting discount 0.20% ($10,000); net proceeds to RY 99.80%.
• Minimum denomination: $1,000; CUSIP 78017PAN1.
• The Notes are senior unsecured obligations of RY, subject to the bank’s credit risk, not CDIC/FDIC insured and will not be exchange-listed.

Investors are exposed to equity market downside beyond the 30% buffer, limited upside (fixed coupon), potential early call and secondary-market illiquidity. Comprehensive risk factors are provided on page P-7 of the supplement.

Royal Bank of Canada (RY) has filed a preliminary Rule 424(b)(2) pricing supplement for the issuance of Step-down Auto-Callable Barrier Notes maturing 25 June 2030. The notes are senior unsecured obligations linked to the least-performing of two equity indices: the Russell 2000 Index (RTY) and the EURO STOXX 50 Index (SX5E).

Key structural features

• Principal amount: minimum US $1,000 and integral multiples thereof.
• Call observation dates: Annual, starting 30 Jun 2026 and ending on the valuation date 20 Jun 2030.
• Automatic call: If, on any observation date, both indices close at or above the applicable Call Value (initial level on years 1-4, 70% of initial level on year 5), the notes are redeemed early for a steadily increasing call return of at least 10.60% per annum. Minimum potential payouts range from $1,106 to $1,530 per $1,000 note.
• Contingent principal protection: If not called, final repayment of principal depends on the 65% barrier. Investors receive full principal only when the worst-performing index is at or above 65% of its initial level on the valuation date; otherwise they incur a 1% loss of principal for every 1% decline in that index.
• No periodic coupons: the notes pay no interest.
• Pricing: Offered at 100% of face; underwriting discount 0.30%. The initial estimated value is expected between $925 – $975 per $1,000 note, i.e. below the offering price.
• Credit & liquidity: Payments rely solely on Royal Bank of Canada’s credit; the notes are not FDIC/CDIC insured, not bail-inable, and will not be listed on any securities exchange, limiting secondary-market liquidity.

Risk highlights (pages P-7 and accompanying documents) include potential loss of principal, equity-market volatility, issuer credit risk, valuation uncertainties, and conflicts of interest with RBCCM acting as calculation agent and underwriter.

Royal Bank of Canada is offering $1.67 million in Auto-Callable Contingent Coupon Barrier Notes linked to the performance of the Russell 2000® Index and EURO STOXX 50® Index, due June 22, 2029. The notes feature:

• Contingent Quarterly Coupons at 8.25% per annum if both indices are above 70% of initial values
• Automatic Call Feature after first year if both indices are at/above initial values, paying 100% principal plus coupon
• Principal Protection at maturity if the worst-performing index stays above 70% of initial value
• Downside Risk - 1:1 loss if worst-performing index falls below 70% barrier

Initial values are 2,112.964 for Russell 2000 and 5,266.91 for EURO STOXX 50, with 70% barriers at 1,479.075 and 3,686.84 respectively. The offering price is 100% with 2.35% underwriting discount. The initial estimated value is $958.29 per $1,000 principal amount, below the offering price.

Royal Bank of Canada (RY) is marketing US$950,000 of Enhanced Return Dual Directional Buffer Notes linked to the EURO STOXX 50® Index, scheduled to mature on 22 June 2028. The securities are issued under the bank’s Senior Global Medium-Term Notes, Series J program and offered under a 424B2 pricing supplement dated 18 June 2025.

Key economic terms

• Underlying index: EURO STOXX 50® (SX5E); initial level 5,266.91; 20 % buffer at 4,213.53.
• Tenor: 3-year note (Issue 24 Jun 2025; Maturity 22 Jun 2028; single valuation on 20 Jun 2028).
• Upside participation: 111 % of any positive index return, uncapped.
• Downside “absolute value” feature: If the index settles ≤ initial level but ≥ buffer level, investors receive a 1-for-1 positive payment equal to the absolute value of the negative return, capped at 20 %.
• Loss of principal: Below the 80 % buffer, principal declines 1 % for every 1 % drop in the index beyond the buffer.
• Coupon: None (zero-coupon structure).
• Issue price: 100 % of face; proceeds to issuer 97.65 % after 2.35 % underwriting discount.
• Initial estimated value: US$965.36 per US$1,000 note (≈3.46 % below public offer).
• Minimum investment: US$1,000 denominations.
• Listing: None; secondary liquidity reliant on RBCCM.

Illustrative payoff

• Index +10 % → payment US$1,111 (11.1 % gain).
• Index −10 % (above buffer) → payment US$1,100 (10 % gain via absolute-value feature).
• Index −50 % → payment US$700 (30 % principal loss).

Risk highlights

• Principal at risk beyond 20 % index decline; no interim interest.
• Credit exposure to Royal Bank of Canada (senior unsecured).
• Estimated value < public price; potential secondary market discounts and wide bid–ask spreads.
• Tax treatment uncertain; issuer views product as prepaid financial contract.

Structuring / fees

• RBC retains 2.35 % underwriting spread plus embedded hedging profit; proceeds net of costs equal US$927,675.
• Selling concessions up to US$23.50 per US$1,000; fee-based accounts may pay as little as 97.65 %.

Investor profile: suitable only for investors who can hold to maturity, are comfortable with RBC credit risk, and seek enhanced upside plus limited downside buffer on a Eurozone blue-chip index, accepting zero coupon and liquidity constraints.

Royal Bank of Canada (RY) – $8.798 million Digital S&P 500 Index-Linked Notes (424B2)

The filing is a final Pricing Supplement for senior unsecured medium-term notes linked to the S&P 500® Index. The notes price on 18 Jun 2025, settle on 26 Jun 2025 and mature on 30 Dec 2026 (subject to date adjustments). Each $1,000 denomination carries:

• No coupons and no early redemption.
• A Threshold Settlement Amount of $1,132 (13.2% maximum gross return) if the final S&P 500 level is ≥ 87.5% of the initial level (5,980.87).
• Downside exposure below −12.5%: investors lose approximately 1.1429% of principal for every 1% the index falls below the 87.5% threshold, down to total loss at a 100% decline.
• Buffer / threshold: initial buffer of 12.5% mitigates modest index declines.

The product is a binary “digital” structure: upside is capped at 13.2%, while downside is linear after the 12.5% buffer. Initial estimated value (IEV) is $994.95, below the $1,000 issue price, reflecting internal funding and hedging costs. The underwriting discount is 0%, so investors pay par, and the issuer receives full proceeds. RBC Capital Markets, LLC is calculation agent and distributor; the notes will not be listed and secondary liquidity is expected to be limited.

Risk highlights (PS-8 – PS-10):

• Full principal at risk; potential for total loss.
• No participation in equity upside beyond 13.2%.
• Credit risk of Royal Bank of Canada.
• Uncertain U.S. tax treatment (open-transaction treatment assumed).
• IEV < issue price; secondary market prices likely below par.

Offering economics:

• Aggregate principal: $8.798 million (expandable).
• Issue price / proceeds: 100%.
• Hedging counterparties: RBC affiliates; hedging costs lower the IEV.
• Dealer re-offer: 100%; iCapital Markets LLC receives a distribution fee; no explicit underwriting spread.

The filing also details standard conflicts-of-interest language, calculation-agent discretion, post-issuance market-making intentions, and legal opinions from Norton Rose Fulbright Canada LLP and Davis Polk & Wardwell LLP.

Investor takeaway: the notes provide a defined 13.2% gross payoff if the S&P 500 does not fall more than 12.5% over ~18 months, but expose holders to potentially steep losses below that buffer and have no coupon or listing. The small issuance size is immaterial to RBC’s capital structure but may appeal to yield-seeking investors comfortable with credit and market risk.

Royal Bank of Canada (RY) is marketing senior unsecured Digital EURO STOXX 50® Index-Linked Notes under a 424B2 filing. The notes pay no periodic interest and have an expected tenor of 24-27 months. Repayment is tied to the EURO STOXX 50 (SX5E):

• If the final index level is at least 85% of the initial level, investors receive a fixed Threshold Settlement Amount of approximately $1,151.30–$1,178.00 per $1,000 note (a 15.13%–17.8% upside).
• If the index finishes below the 85% threshold, principal is reduced by an accelerated factor—$1,000 + 1.1765 × (index return + 15%). Losses can reach 100% of principal.

The initial estimated value is $963.70–$993.70, below par, indicating embedded fees and market factors. Underwriting discount is 0%, so RBC receives 100% of proceeds. Minimum denomination is $1,000; transfers in $1,000 increments.

Key risks highlighted include: potential full loss of principal, exposure to RBC credit risk, market value below issue price before maturity, and lack of CDIC/FDIC insurance or bail-in conversion protection. Detailed terms and risk factors are provided in the accompanying prospectus, prospectus supplement, underlying supplement 1A and product supplement 1A.

Royal Bank of Canada has filed a prospectus supplement for Lookback Entry Enhanced Return Buffer Notes linked to the S&P 500® Futures Excess Return Index, due July 3, 2030. Key features include:

• A Lookback Feature that sets the reference value as the lowest closing value during a 6-month observation period from the trade date
• Enhanced Return Potential offering 119.25% participation in positive index returns above the lookback value
• Principal Protection Buffer of 10% - investors only start losing principal if the final index value falls more than 10% below the lookback value
• Initial offering price of 100% with estimated value between $921.00 and $971.00 per $1,000 principal amount

The notes do not pay interest and are not listed on any exchange. While they offer enhanced upside potential and limited downside protection, they carry Royal Bank of Canada's credit risk and are not FDIC insured. The minimum investment is $1,000 with the trade date of June 30, 2025.

Royal Bank of Canada (RY) has filed a Rule 424(b)(2) pricing supplement for a $5.66 million issuance of Trigger Autocallable Contingent Yield Notes maturing 23 June 2028. The notes are senior unsecured obligations linked to the least-performing of the S&P 500 Index (SPX) and EURO STOXX 50 Index (SX5E).

Key structural terms:

• Contingent coupon: 7.80% p.a., paid quarterly only if each index closes on the observation date at or above its 70% coupon barrier (SPX 4,186.61; SX5E 3,686.84).
• Automatic call: Notes are callable quarterly, starting six months after trade (18 Dec 2025), if both indices are at or above their respective initial levels (SPX 5,980.87; SX5E 5,266.91).
• Downside protection: At maturity, full principal is repaid only if the least-performing index is ≥ its 70% downside threshold; otherwise repayment is reduced one-for-one with the negative return, exposing investors to up to 100% loss.
• Denomination: $10 per note; minimum investment $1,000.
• Pricing & fees: Notes sold at $10.00; UBS receives $0.20 commission per note; proceeds to RBC $9.80. Initial estimated value $9.68, underscoring a 3.2% issue premium to investors.
• Credit considerations: Payments depend on RBC’s creditworthiness; instruments are not deposit-insured and are not bail-inable under Canadian law.

Risk highlights: Coupons are not guaranteed; the contingent principal protection applies only at maturity; market value may drift below issue price; no listing provides limited liquidity. Investors should review the detailed “Key Risks” section beginning on page 6.

Overall, the filing describes a medium-risk, yield-enhancement structured product offering equity-linked returns in exchange for substantial downside and credit risk.

Royal Bank of Canada (RY) filed a 424(b)(2) pricing supplement on June 18, 2025 for a small ($8.03 million) issuance of Trigger Autocallable Contingent Yield Notes linked to the least-performing of the S&P 500 Index (SPX) and the EURO STOXX 50 Index (SX5E).

The three-year notes (maturing June 23, 2028) pay a contingent quarterly coupon of 9.80% p.a. only if both indices close on or above their Coupon Barrier (70% of initial level) on the relevant observation date. The same 70% level also serves as the Downside Threshold. Beginning six months after trade date, the notes are automatically callable on any quarterly observation date if both indices are at or above their initial values; investors then receive par plus the period’s coupon and the notes terminate.

If not called, and at final valuation both indices are at or above 70% of their initial levels, investors receive par plus the final coupon. If the least-performing index is below the Downside Threshold at maturity, repayment is reduced 1-for-1 with the negative return of that index, up to a total loss of principal.

Key terms:

• Issue price: $10.00 per note; initial estimated value: $9.84 per note (1.6% discount to issue price).
• Denomination: $10 (minimum investment $1,000).
• No listing; secondary market liquidity limited.
• Distribution through UBS fee-based advisory accounts; no selling concession.

Risk highlights: (1) credit risk of RBC, (2) market risk if either index falls >30%, (3) coupon is not guaranteed, (4) initial value below offering price indicates built-in costs, (5) unlisted security may trade below intrinsic value. The filing emphasizes that the notes are significantly riskier than conventional debt and may result in the loss of the entire investment.