Royal Bk Can SEC Filings

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.

Royal Bank of Canada (RY) is issuing a small, $2.4 million offering of Auto-Callable Contingent Coupon Geared Buffer Notes due 21 December 2028. The notes are linked to the Nikkei 225, Russell 2000, S&P 500 and EURO STOXX 50; performance is determined by the least-performing index.

Income mechanics. Investors are eligible for a monthly contingent coupon of 0.9542 % (11.45 % p.a.) when every index closes at or above 75 % of its Initial Value on the relevant observation date. If all four indices are at or above 100 % of their Initial Values on any observation from 18 September 2025 onward, the notes are automatically called at par plus the coupon.

Principal at risk. If the notes are not called and the least-performing index is ≥70 % of its Initial Value at maturity, principal is repaid in full. If it is below 70 %, principal declines by approximately 1.42857 % for each 1 % fall beyond the 30 % buffer, exposing investors to amplified downside.

Key terms. Issue price 100 % ($1,000); initial estimated value $979.48 (≈2.05 % below offer); underwriting discount 0.06 % ($0.60 per $1,000); CUSIP 78017PAP6. Notes are unsecured, unsubordinated obligations of RBC, subject to full issuer credit risk, not CDIC or FDIC insured, not bail-inable, and will not be listed on any exchange.

Timeline highlights. Trade date 18 June 2025, issue date 24 June 2025. Monthly coupon, call-observation and payment schedule extends through valuation on 18 December 2028 and maturity on 21 December 2028.

Royal Bank of Canada (RY) has filed a 424B2 pricing supplement for a new $3.67 million offering of “Airbag In-Digital Securities” linked to the S&P 500 Index. The two-year senior unsecured notes pay no coupons; instead, investors receive a fixed Digital Return of 18.45% at maturity only if the final S&P 500 level is at least 90% of the initial level (the Digital Barrier/Downside Threshold).

If the index closes below that 90% threshold on the final valuation date (21 Jun 2027), principal is exposed to 1.11111× downside gearing, resulting in a loss of roughly 1.11% of principal for each 1% decline beyond the 10% threshold—up to total loss. The securities, issued in $10 denominations (minimum purchase $1,000), will not be exchange-listed and can be sold only through UBS fee-based advisory accounts. UBS, acting as placement agent, receives no sales commission.

The initial estimated value calculated by RBC is $9.95 per $10 note, below the $10 public offering price, reflecting placement fees, structuring costs and hedging expenses. Key dates are Trade: 18 Jun 2025; Settlement: 23 Jun 2025; Final Valuation: 21 Jun 2027; Maturity: 23 Jun 2027.

Risk highlights: unsecured creditor exposure to RBC; potential full loss of principal; limited upside capped at 18.45%; no interim payments; limited liquidity; market value may trade below the $9.95 estimated value. These notes suit investors with a moderately bullish or neutral two-year view on the S&P 500 who can tolerate high downside risk and illiquidity.

Royal Bank of Canada has announced Capped Return Notes linked to the MSCI Emerging Markets Index, due June 27, 2030. The notes offer investors potential upside participation in the index's performance with a maximum return capped at 61% and principal protection if the index declines.

Key features include:

• 100% participation rate in the index's positive performance up to the 61% cap
• Return of principal if the index declines
• $1,000 minimum investment
• No periodic interest payments
• Maximum payment at maturity of $1,610 per $1,000 principal amount

Notable risks include credit risk of Royal Bank of Canada, limited upside potential due to the return cap, and no interest payments. The notes will not be listed on any securities exchange. The initial estimated value is expected to be between $904.00 and $954.00 per $1,000 principal amount, below the public offering price.

Royal Bank of Canada (RY) is marketing a new Series J senior unsecured structured note linked to the S&P 500® Index. The Capped Leveraged Buffered Notes will mature in roughly 26-29 months and pay no periodic interest. Investors purchase in $1,000 denominations and receive a cash payment at maturity determined as follows:

• Upside: 180 % participation in any positive index performance, capped at a maximum settlement amount expected between $1,209.16 and $1,246.06 (≈ +20.9 % to +24.6 %).
• Principal protection: A 15 % downside buffer. If the S&P 500 declines ≤ 15 %, investors receive full principal; below the buffer, losses accelerate at ~1.1765 × the decline beyond -15 %, exposing holders to a total loss of principal in a severe draw-down.
• Key levels set on trade date (June 2025): Initial index level = closing SPX on pricing date; Cap level ≈111.62 %–113.67 % of initial; Buffer level = 85 % of initial.
• Credit terms: Senior unsecured obligation of RBC, not deposit-insured or bail-inable; payments subject to RBC’s credit risk.
• Pricing / liquidity: Issue price 100 % of principal; initial estimated value expected $965–$995, below par, reflecting hedging costs and RBC’s funding spread. No exchange listing; secondary market, if any, will be made by RBC Capital Markets (RBCCM) on a best-efforts basis and likely at a discount.
• Risk highlights: capped upside, potential full loss, no interim interest, price volatility, limited liquidity, tax uncertainty, and conflicts of interest as RBCCM acts as calculation agent.

The deal provides leveraged equity exposure with partial downside protection but sacrifices dividends, uncapped upside and liquidity. It primarily appeals to investors comfortable with RBC credit exposure who seek enhanced upside over a 2-year horizon while accepting a hard cap and the risk of substantial principal loss below a 15 % decline.