Royal Bk Can SEC Filings

Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes linked to Apollo Global Management stock, due July 1, 2027. Key features include:

• Contingent Quarterly Coupons: $31.25 per $1,000 principal (12.50% per annum) if Apollo's stock closes at/above 65% of initial value
• Memory Feature: Unpaid coupons can be recovered if stock performs well in later observations
• Automatic Call Provision: Notes called if stock closes at/above initial value during quarterly observations starting 6 months after trade date
• Principal Risk: If not called and final stock value is below 65% barrier, investors receive Apollo shares worth less than principal

Initial estimated value between $922.00-$972.00 per $1,000 principal, below offering price. Key risks include potential principal loss, no participation in stock upside, and credit risk of Royal Bank of Canada.

Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes linked to Apollo Global Management stock, due July 1, 2027. Key features include:

• Contingent Quarterly Coupons at 12.50% per annum if Apollo's stock closes at/above 65% of initial value
• Memory Feature allows missed coupons to be paid later if conditions are met
• Automatic Call Feature triggers if stock closes at/above initial value on quarterly observation dates starting after 6 months
• Principal Protection at maturity if Apollo's stock stays above 65% barrier; otherwise investors receive stock likely worth less than principal

Notes priced at 100% with 1.85% commission. Initial estimated value between $922-$972 per $1,000 principal. Minimum investment is $1,000. Notes are subject to Royal Bank of Canada's credit risk and will not be listed on exchanges.

Royal Bank of Canada is offering Capped Enhanced Return Geared Buffer Notes linked to the MSCI EAFE Index, due March 31, 2027. Key features include:

• Enhanced Returns: 150% participation in positive index returns, capped at maximum return of 19.65%
• Downside Protection: 20% buffer against losses; full principal protection if index decline is within buffer zone
• Loss Potential: Below buffer level, investors lose 1.25% for each 1% index decline beyond 20% buffer
• Key Terms: $1,000 minimum investment, no interest payments, subject to RBC credit risk

The initial estimated value is expected between $942.00 and $992.00 per $1,000 principal amount, below the offering price. Notes will not be listed on any securities exchange and are not FDIC/CDIC insured. Maximum payment at maturity is capped at $1,196.50 per $1,000 principal amount.

Royal Bank of Canada is offering $902,000 in Dual Directional Buffer Digital Notes linked to the S&P 500 Index, due July 28, 2026. The notes feature a unique structure with three potential payoff scenarios:

• Digital Return of 7.45% if the final index value is at or above 92.55% of initial value
• Positive Return equal to absolute value of index decline if final value is between 86% and 92.55% of initial value
• Principal Loss of 1% for every 1% decline beyond 14% buffer if final value is below 86% of initial value

Key features: Initial S&P 500 value: 6,025.17; Buffer level: 5,181.65; Digital barrier: 5,576.29. Notes priced at 100% with initial estimated value of $990.78 per $1,000 principal. No periodic interest payments. Notes are not listed on exchanges and subject to RBC's credit risk. Not FDIC insured or bail-inable.

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.