Royal Bk Can SEC Filings

Royal Bank of Canada (RY) 424B2 Pricing Supplement – $129,000 Auto-Callable Contingent Coupon Barrier Notes linked to the Bloomberg US Large Cap VolMax Index (BMAXUS)

The five-year senior unsecured notes pay a contingent coupon of 12.50% per annum (1.0417% monthly) only when the Underlier’s closing value on the relevant monthly observation date is at least 50% of the June 23, 2025 Initial Underlier Value (11,758.75). Starting one year after issuance, if the index closes on or above its initial level on any quarterly call observation date, the notes are automatically redeemed at par plus the coupon, halting further payments.

Principal risk profile: At maturity, if the notes have not been called and the index has fallen by more than 50%, investors lose 1% of principal for every 1% decline in the index (e.g., -60% index return → $400 repayment). If the index stays above the 50% barrier, principal is returned in full, but investors still forego any upside beyond the fixed coupon stream.

Structural features:

• Issue price: 100% of face; initial estimated value: $932.34, ~6.8% below offer price, reflecting hedging costs, dealer margin and lower internal funding rate.
• Underwriting discount: 1.25%; proceeds to issuer: 98.75% of face.
• No exchange listing; liquidity relies on RBCCM’s discretionary market-making.
• CUSIP 78017KY48; denominations $1,000.

Index mechanics & risks: BMAXUS targets 40% volatility using daily leverage that can range from 1× to 5× the Bloomberg US Large Cap TR Index. Performance is reduced daily by (i) SOFR+0.50% financing cost, (ii) a 6% p.a. deduction, and (iii) 0.01% transaction cost on exposure changes. These drags, coupled with possible “volatility drag” from daily rebalancing, mean the index may underperform the underlying equity basket, especially in choppy markets. The index was launched on Dec-9-2024, so pre-launch data are back-tested.

Key risks highlighted:

• Possibility of total loss of principal if the index falls 100% and barrier is breached.
• Potential to receive no coupons if the index closes below 50% threshold on all 60 monthly observations.
• Credit risk of RBC; notes are senior unsecured obligations.
• Illiquidity and potential deep discount in secondary market.
• Uncertain U.S. tax treatment; possible 30% withholding for non-U.S. holders.

The product appeals to yield-seeking investors with a moderately bullish or range-bound view on the leveraged volatility-managed index and who are comfortable with RBC credit exposure, high structural complexity, and the risk of principal loss below the 50% barrier.

Royal Bank of Canada ("RBC") is marketing a new structured product – the Enhanced Return Dual Directional Barrier Notes – under its senior unsecured Global MTN programme. The notes are linked to an unequally‒weighted equity basket consisting of 75% MSCI EAFE Index (MXEA) and 25% MSCI Emerging Markets Index (MXEF). They price at 100% of principal and carry a 2.75% underwriting discount, leaving 97.25% of proceeds for the issuer. The trade date is 7 Jul 2025, issue date 10 Jul 2025 and maturity 11 Jan 2029, giving investors a 3½-year tenor. Minimum denomination is US$1,000 (CUSIP 78017PBS9); the notes will not be listed and pay no periodic coupons.

Pay-off mechanics:

• Upside participation: If the final basket value exceeds the initial level (set to 100), investors receive principal plus 103% of the positive basket return.
• Dual-direction/absolute return: If the basket finishes at or below the initial level but above or equal to the 80% barrier, principal is returned plus the absolute value of the negative basket return (capped at +20%).
• Principal at risk: If the basket closes below the 80% barrier, repayment is principal multiplied by the basket return (one-for-one downside exposure), potentially resulting in a total loss.

Pricing transparency: RBC estimates the initial economic value at US$916–956 per US$1,000, materially below issue price, reflecting dealer margins, hedging costs and embedded structuring. Selling concessions of up to US$27.50 may be re-allowed to third-party brokers; fee-based advisory accounts may pay between US$972.50 and US$1,000.

Illustrative outcomes: A 20% basket gain would return US$1,206 (120.6% of par), while a 20% decline (still above barrier) would pay US$1,200 (120%). Crossing the barrier triggers linear losses – a 30% drop yields US$700; a full 100% collapse returns zero. The maximum illustrated gain is 151.5% on a 50% basket rally.

Key risks disclosed include market risk in two international equity indices, loss of principal below the barrier, lack of secondary market liquidity, and exposure to RBC’s senior credit profile. The prospectus, prospectus supplement, underlying supplement 1A and product supplement 1A (all filed with the SEC) govern final terms.

Royal Bank of Canada is offering $6.57 million in Trigger Autocallable Contingent Yield Notes linked to Dell Technologies Class C Common Stock, due June 23, 2028. Key features include:

• Quarterly Contingent Coupon Rate of 13.00% per annum if Dell stock closes at or above the Coupon Barrier ($59.69)
• Automatic Early Call if Dell stock closes at or above Initial Value ($119.37) on quarterly observation dates after 6 months
• Downside Protection threshold set at 50% of Initial Value ($59.69)
• Principal Risk: Investors can lose up to 100% of principal if Dell stock closes below downside threshold at maturity

The notes are priced at $10.00 per note with a minimum investment of $1,000. The initial estimated value is $9.74 per note, below the offering price. UBS Financial Services receives a $0.20 commission per note. These securities carry significant risks including potential loss of principal and are subject to Royal Bank of Canada's creditworthiness.

Royal Bank of Canada is offering $750,000 in Auto-Callable Contingent Coupon Barrier Notes linked to the least performing of VanEck Semiconductor ETF and EURO STOXX Banks Index, due June 23, 2028. Key features include:

• Contingent Quarterly Coupons at 17.00% per annum if both underliers are ≥ 70% of initial value
• Auto-Call Feature triggers if both underliers close at or above initial value on quarterly observation dates
• Principal Protection at maturity if least performing underlier is ≥ 70% of initial value
• Downside Risk: 1:1 loss if least performing underlier falls below 70% barrier

Initial values are $262.59 for SMH Fund and 199.52 for SX7E Index, with 70% barriers at $183.81 and 139.66 respectively. The notes are priced at 100% with a 1% underwriting discount. The initial estimated value is $967.86 per $1,000 principal amount, below the offering price.

Royal Bank of Canada (RY) has filed a preliminary 424B2 pricing supplement for a new structured product: Auto-Callable Contingent Coupon Barrier Notes linked to Meta Platforms, Inc. (Class A) common stock, maturing 12 August 2026. The notes are part of RBC’s Senior Global Medium-Term Notes, Series J.

Key economic terms:

• Coupon: 12.24% p.a. (1.02% monthly) paid only if the underlying share price is ≥ 70% of the initial value on each monthly observation date.
• Auto-call: Beginning 7 January 2026 (the 6th observation), the notes are automatically redeemed at par plus coupon if Meta’s closing price is ≥ initial value on any monthly observation date.
• Principal protection: Contingent. At maturity, if not previously called and Meta remains ≥ 70% of initial value, holders receive par; otherwise they receive a physical delivery amount of META shares worth less than, and possibly equal to zero versus, the $1,000 face value.
• Issue economics: Price to public 100%; underwriting discount 1.50%; proceeds to RBC 98.50%. Initial estimated value expected between $920 and $970, below the $1,000 offering price.
• Key dates: Trade 7 Jul 2025, Issue 10 Jul 2025, Valuation 7 Aug 2026, Maturity 12 Aug 2026.

Risk highlights: payments depend on both Meta share performance and RBC credit; no exchange listing; secondary market liquidity uncertain; investors may receive no coupons and face substantial principal loss below the 70% barrier.

This filing does not include earnings data or materially change RBC’s balance-sheet outlook, but it offers investors a high-coupon, high-risk exposure to Meta with contingent downside and call features that favor the issuer.