Welcome to our dedicated page for Royal Bk Can SEC filings (Ticker: RY), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
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Royal Bank of Canada (RY) has filed a preliminary 424(b)(2) pricing supplement for two Auto-Callable Contingent Coupon Barrier Notes with a “memory” coupon feature, each linked to a single U.S. equity. The underliers are the common shares of PayPal Holdings, Inc. (PYPL) and QUALCOMM Incorporated (QCOM). Notes are senior unsecured obligations of RY, carry the Bank’s credit risk and will not be listed on any exchange.
Coupon mechanics. Investors are eligible to receive a quarterly contingent coupon—payable at an annual rate of 10.15 % (PYPL) or 10.90 % (QCOM)—but only when the underlier’s closing price on the relevant observation date is at or above a Coupon Threshold set at 70 % of the initial price. Thanks to the memory feature, any missed coupon can be caught up and paid on a later observation date once the threshold test is satisfied.
Automatic call. Starting with the 4th observation date (≈ 1-year after issue), the notes will be redeemed at par plus accrued coupons if the underlier closes at or above its initial level. Early redemption caps total return and terminates future coupons.
Principal risk. If not called, the notes return par at maturity (13 Jul 2028) only when the final underlier price is ≥ 70 % of the initial level (Barrier Value). Should the underlier finish below the barrier, investors receive shares of the underlier (physical delivery) worth 1,000 / initial price shares, exposing them to a loss of up to 100 % of principal.
Key terms. Initial underlier values were fixed on 9 Jul 2025 at PYPL: $74.83; QCOM: $159.35. The offering price is 100 % of face value, but RY estimates the initial economic value at $915–$965 per $1,000 note (≈ 3.5–8.5 % discount), reflecting dealer compensation (2.35 %) and hedging costs. Minimum investment is $1,000.
Risk highlights. Investors face (i) equity exposure below the 70 % barrier, (ii) no participation in any upside beyond coupon payments, (iii) credit risk of RY, (iv) illiquidity—no active secondary market expected, (v) tax uncertainty; coupons expected to be ordinary income and withholding may apply to non-U.S. holders, and (vi) initial value discount means mark-to-market losses from day one. The notes are explicitly not bail-inable under Canadian CDIC rules.
Settlement dates are Trade: 10 Jul 2025, Issue: 15 Jul 2025; first coupon observation: 9 Oct 2025. Coupon and call observation schedule is quarterly through final valuation on 10 Jul 2028.
Investor profile. Product targets yield-seeking investors willing to accept single-stock risk, limited upside, potential large principal loss and low liquidity in exchange for double-digit contingent coupons.
Royal Bank of Canada (RY) has filed a 424B2 pricing supplement for a $1.986 million issuance of Auto-Callable Contingent Coupon Barrier Notes linked to the common stock of Morgan Stanley (MS).
Key structural features
- Contingent coupon: 0.94% monthly (11.28% p.a.) payable only if MS closes ≥ 77% of its July 8 2025 initial value of $141.13.
- Automatic call: From the sixth observation date (Jan 8 2026) the notes are redeemed at par plus coupon if MS ≥ initial value; investors then forego future coupons.
- Barrier/return of principal: At maturity (Aug 13 2026) principal is repaid only if MS ≥ 77% of the initial value. Otherwise holders receive physical delivery of MS shares (≈7.09 per $1,000) worth less than par and potentially zero.
- Issue economics: Public price 100%; underwriting discount 1.50%; net proceeds 98.5%. The initial estimated value is $976.47 (97.647% of face), reflecting dealer margin and hedge costs.
- Credit & liquidity: Senior unsecured debt of RBC; not FDIC- or CDIC-insured; not listed on any exchange; secondary market, if any, solely through RBC affiliates.
Key dates
- Trade date: Jul 8 2025; Issue date: Jul 11 2025
- Monthly coupon & call observations; final valuation: Aug 10 2026; maturity: Aug 13 2026
Risk highlights
- Investors may lose up to 100% of principal if MS closes < 77% at maturity.
- Coupons are contingent; no payments if MS is below the threshold on any observation date.
- No participation in MS upside beyond fixed coupons.
- Price transparency limited; potential significant bid-ask spreads.
- Uncertain U.S. tax treatment; possible 30% withholding for non-U.S. holders.
Royal Bank of Canada (RY) has filed a preliminary pricing supplement for Bearish Capped Return Notes linked to the S&P 500 Index. These senior unsecured notes, part of RBC’s Global Medium-Term Note Program (Series J), give investors inverse exposure to the index over an 18-month horizon and return principal at minimum.
The notes are issued in $1,000 denominations and pay no periodic interest. If on the 11 Jan 2027 valuation date the index has fallen, investors receive 100% of the absolute decline, subject to a Maximum Return of 24.75% (up to $1,247.50). If the index is flat or higher, repayment is limited to principal. Key economic terms are:
- Trade Date: 11 Jul 2025; Issue Date: 16 Jul 2025
- Maturity Date: 14 Jan 2027 (1-yr 6-mo tenor)
- Participation Rate: 100%
- Maximum Return: 24.75%
- Initial estimated value: $932 – $982 (93.2% – 98.2% of par)
- Underwriting & structuring fees: up to 1.10%
- CUSIP: 78017PET4; not exchange-listed
Risk disclosures emphasise: (1) upside is capped and may underperform short S&P 500 alternatives; (2) credit risk of RBC; (3) lack of liquidity—secondary trading, if any, will be through RBC and could be at a substantial discount; (4) adverse tax treatment as a contingent payment debt instrument; and (5) conflicts of interest as RBC Capital Markets acts as both underwriter and calculation agent.
The product may appeal to investors with a near-term bearish view on U.S. equities who seek principal protection but are willing to accept limited upside, illiquidity and issuer credit risk.
Royal Bank of Canada (RY) is issuing $3.479 million of Auto-Callable Contingent Coupon Barrier Notes linked to the Class A common stock of Meta Platforms, Inc. (META). The Notes pay a contingent coupon of 1.02% per month (12.24% p.a.) whenever META’s closing price on the relevant observation date is at least 70% of the initial price ($502.85). Coupons are not guaranteed and may be skipped in any month that the threshold is breached.
Automatic call: From the sixth monthly observation date (Jan 7 2026) onward, if META closes at or above the initial price of $718.35, the Notes will be redeemed early for par plus the due coupon; no further payments will be made thereafter.
Principal repayment at maturity (Aug 12 2026):
- If not previously called and META’s final value is ≥70% of the initial level, holders receive 100% of principal plus the last coupon.
- If META’s final value is <70% of the initial level, holders receive a physical delivery of META shares worth only the final share price ×1.39, exposing investors to losses of up to 100% of principal.
Key quantitative terms:
- Initial estimated value: $981.20 per $1,000 Note (98.12% of par), below the public offering price.
- Issue date: Jul 10 2025 | Maturity: Aug 12 2026 | CUSIP: 78015QSM4
- Notes are senior unsecured debt of RBC, not FDIC/CDIC insured, and will not be listed on any exchange.
Risks highlighted by the issuer: potential loss of all principal, skipped coupons, early call limiting returns, RBC credit risk, limited secondary market, initial value below offer price, uncertain U.S. tax treatment, and conflicts of interest as RBCCM acts as both underwriter and calculation agent.
Royal Bank of Canada (RY) is marketing senior unsecured Auto-Callable Contingent Coupon Barrier Notes maturing 28 July 2027 and linked to the Solactive Equal Weight U.S. Semi Conductor Select AR Index (ticker SOUSESCA). The notes pay a 10.00% p.a. contingent coupon (2.50% quarterly) only if, on the immediately preceding observation date, the index closes at or above the Coupon Threshold = 75% of the initial level. Coupon dates and call observation dates are quarterly; the first call observation occurs roughly six months after issuance (23 Jan 2026).
Automatic call: If the index closes at or above its initial level on any call observation date, investors receive par plus the current coupon and the deal terminates early, capping total return.
Principal protection is conditional. If the notes are not called, final redemption depends on the Barrier = 70% of the initial level. A final index level at or above the barrier returns par (plus any final coupon). If the barrier is breached, repayment is reduced 1-for-1 with the index decline, exposing investors to up to 100% capital loss.
Pricing & fees: Issue price is 100% of par; underwriting discount 2.25% leaves 97.75% net proceeds. RBC’s initial estimated value (IEV) is $903 – $953 per $1,000, signalling a material valuation gap versus the public offering price. Secondary market liquidity is expected to be limited and the notes will not be exchange-listed.
Underlying index characteristics: Launched 16 Nov 2023, the index equally weights nine large-cap semiconductor names (AMD, AMAT, AVGO, INTC, MU, NVDA, QCOM, TSM, TXN). An embedded 2.0% p.a. “Adjustment Factor” is deducted daily, causing systematic under-performance versus the gross total-return basket. Sector concentration, limited track record and fee drag increase volatility and barrier-breach risk.
Key risks: (i) credit risk of Royal Bank of Canada; (ii) potential loss of some or all principal below the 70% barrier; (iii) uncertainty of coupon payments; (iv) lack of upside participation; (v) adverse tax treatment for U.S. and non-U.S. holders; (vi) wide bid-ask spreads and valuation discounts in any secondary trading.
Investor profile: The notes may suit income-oriented investors who hold a constructive short-to-medium-term view on the semiconductor sector and are comfortable with RBC credit risk, sector concentration, and the possibility of zero coupons or substantial principal loss under adverse market scenarios.
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