Royal Bk Can SEC Filings

Royal Bank of Canada is offering $6,244,000 in Auto-Callable Contingent Coupon Barrier Notes linked to Apple stock, due July 22, 2026. Key features include:

• Contingent Coupon Rate: 10.85% per annum, paid monthly if Apple stock closes at or above the 76% threshold of initial value ($148.69)
• Auto-Call Feature: Notes automatically redeem at 100% principal plus coupon if Apple stock closes at or above initial value ($195.64) on monthly observation dates starting December 2025
• Principal Protection: Full principal returned at maturity if Apple stock remains above 76% barrier; below barrier, investors lose 1% for each 1% stock decline
• Initial Estimated Value: $974.83 per $1,000 principal amount, below public offering price

The notes carry Royal Bank of Canada's credit risk and will not be listed on any securities exchange. Underwriting discounts are 1.50% ($93,660 total), with selling concessions up to $15.00 per $1,000 principal amount available to broker-dealers.

Royal Bank of Canada (RY) is registering a small, $1.58 million offering of Auto-Callable Dual Directional Buffer Notes linked to the S&P 500 Futures Excess Return Index. The notes are senior unsecured obligations of RY, issued at 100% of par and offered under the bank’s Global Medium-Term Note Programme (Series J). They carry no periodic interest and expose investors to both RY’s credit risk and market risk tied to the referenced index.

Key economic terms include: (i) a single call observation date on 23 Jun 2026; if the Underlier closes at or above the 17 Jun 2025 initial level of 496.78, the notes are automatically redeemed at 111.55% of par, delivering an 11.55% return in roughly one year; (ii) if not called, final redemption on 23 Jun 2028 provides 100% upside participation; (iii) a 20% downside buffer—investors receive a positive “absolute value” return (capped at 20%) when the index finishes between 80% and 100% of the initial level; (iv) losses are incurred one-for-one below the 20% buffer.

Pricing highlights show a 0.50% underwriting discount and net proceeds of 99.50% of par. The bank’s initial estimated value is $983.46 per $1,000, 1.65% below the offer price, signalling embedded dealer margin and hedging costs. The notes will not be exchange-listed, may be subject to limited secondary liquidity, and are bail-in exempt under Canadian regulations.

Investors must weigh the appeal of an 11.55% potential one-year return and limited 20% buffer against principal risk beyond the buffer, lack of interim coupons, credit exposure to RY, and valuation that starts below par. The modest deal size suggests primarily funding rather than strategic capital raising for the bank.

Royal Bank of Canada (RY) is offering $611,000 face amount of Senior Global Medium-Term Notes, Series J, structured as Market Linked Securities—Auto-Callable with Leveraged Upside Participation and Contingent Downside Principal at Risk. The securities are linked to the lowest performing of Apple Inc. (AAPL) and Amazon.com, Inc. (AMZN) common shares and mature on 23 June 2028.

Key terms

• Face amount: $1,000 per security
• Pricing date: 17 June 2025  |  Settlement: 20 June 2025
• Auto-call feature: One observation, ≈1 year after issuance. If the closing value of the lowest-performing stock ≥ its starting value, the note is automatically called at 124% of face (24% call premium). Investors forego any further upside after call.
• Maturity payoff (if not called) • Upside: 200% participation on any positive return of the lowest-performing stock. • Neutral: 100% return of face if the stock is flat or down ≤30%. • Downside: full exposure below the –30% barrier; investors can lose >30% and up to 100% of principal.
• No periodic coupons or dividends; payments depend entirely on final stock performance and RBC’s creditworthiness.
• Credit risk: Unsecured, unsubordinated obligations of Royal Bank of Canada; not CDIC or FDIC insured; not bail-inable.
• Initial estimated value: $958.09 (≈4.2% below the $1,000 offering price), reflecting dealer discount ($25.75 per note) and structuring costs.
• Secondary market: No exchange listing; designed to be held to auto-call or maturity; market value may trade below issue price.

Risk highlights: Investors bear full downside below –30%, benefit only from the lower-performing stock, receive no income, and rely on RBC’s ability to pay. The 24% call premium caps upside if the auto-call is triggered early.

Royal Bank of Canada (NYSE:RY) filed a prospectus supplement (424B2) covering the issuance of $856,000 in Market-Linked Securities tied to the EURO STOXX Banks Index. These senior, unsecured notes mature on June 23, 2028 and offer:

• Upside: Greater of a 46% contingent minimum return or 100% of the Index’s gain.
• Downside: Full exposure to losses if the Index falls more than 25% from the 198.28 starting value (threshold 148.71).
• No interest payments; principal repayment depends entirely on Index performance.
• Initial estimated value: $937.02 per $1,000 note—below the public offering price—reflecting dealer discounts and structuring costs.
• Credit risk: All payments depend on RBC’s ability to pay; the notes are not FDIC or CDIC insured and are not bail-inable.
• Distribution economics: Investors pay a $28.25 per-note agent discount; net proceeds to RBC are $831,818.

The filing contains extensive risk factors highlighting potential loss of principal, limited liquidity, and RBC credit exposure. No material changes to Royal Bank of Canada’s financial condition or strategy are disclosed.

Royal Bank of Canada (RY) filed a 424B2 pricing supplement for US$1.757 million of Auto-Callable Contingent Enhanced Return Barrier Notes linked to the worst performer of Amazon.com (AMZN), Alphabet Class A (GOOGL) and Netflix (NFLX).

Structure: The notes are senior unsecured obligations maturing 23 June 2028. They pay no coupons and will be automatically called on 23 June 2026 if each underlier closes at or above its initial level, delivering 141% of par (a 41% return) and terminating the trade.

Upside at maturity: If not called and the worst underlier is above its initial level at final valuation (20 June 2028), investors receive 200% of that positive return, uncapped.

Downside/Barrier: Principal is protected only if the worst underlier remains at or above 60% of its initial level (barrier). A breach results in a 1-for-1 loss of principal, exposing holders to substantial downside.

Key economics: Issue price 100% of par; underwriting discount 2.5%; net proceeds 97.5%. RBC’s estimated initial value is $953.23 per $1,000, reflecting embedded fees and hedging costs. Minimum denomination is $1,000. The notes are not exchange-listed and are subject to RBC’s credit risk; they are not bail-inable under Canadian regulation.

Underlier data (trade date 17 June 2025): AMZN $214.82 (barrier $128.89), GOOGL $175.95 (barrier $105.57), NFLX $1,220.67 (barrier $732.40).

The filing contains standard risk language, stresses lack of FDIC/CDIC insurance, and directs investors to accompanying prospectus documents dated December 2023 and product supplement 1A dated May 2024.

Royal Bank of Canada (RY) has filed a 424B2 pricing supplement for $4.93 million of Auto-Callable Enhanced Return Dual Directional Buffer Notes (senior unsecured debt) linked to the least-performing of three U.S. energy/utility equities: Constellation Energy (CEG), NextEra Energy (NEE) and Vistra Corp. (VST).

Key terms: The notes are issued on 23 Jun 2025, mature on 23 Jun 2028 and can be automatically called after one year (26 Jun 2026) for 140% of par if all three underliers meet or exceed their initial levels. If not called, the final payoff hinges on the worst performer on 20 Jun 2028: (i) 200% participation on any gain; (ii) a one-for-one positive “absolute” return if the worst performer is down up to 30%; (iii) a dollar-for-dollar loss beyond the 30% buffer. The structure pays no coupons and is not exchange-listed.

Economics & risks: Investors pay 100% of face while RBC’s initial estimated value is $950.55 (reflecting a 4.9% issue premium, including 2.5% underwriting discount). Repayment depends on RBC’s credit; the notes are not CDIC or FDIC insured. Liquidity may be limited and secondary prices could trade below intrinsic value. Minimum purchase is $1,000 (CUSIP 78017K4Y5).

Investor considerations: The note appeals to investors seeking equity-linked upside with a defined 30% buffer and early 40% call potential, but principal remains at risk beyond the buffer and there is no interim income. The $4.93 million issue is immaterial to RBC’s balance-sheet and has no earnings impact, rendering the filing neutral from a corporate-level investment perspective.