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Royal Bank of Canada (RY) – Preliminary Pricing Supplement for Capped Enhanced Return Buffer Notes linked to the EURO STOXX 50® Index, due 22-Jul-2027. The document outlines the key economic terms, hypothetical returns and risk factors of a new structured note offering filed under Registration Statement No. 333-275898 (Form 424B2).
Key structural features
- Issuer / Guarantor: Royal Bank of Canada (senior unsecured obligations).
- Underlying index: EURO STOXX 50® (SX5E).
- Tenor: Trade Date 18-Jul-2025; Maturity 22-Jul-2027 (≈2 years).
- Participation Rate: 200% of positive index return.
- Maximum Return: 23.25% (max payment US$1,232.50 per US$1,000 note).
- Buffer: 15% downside buffer; principal protected only if final index level ≥85% of initial.
- Loss exposure: 1-for-1 downside below the 15% buffer, up to total loss of principal.
- Coupon: None – the notes pay no periodic interest.
- Minimum denomination: US$1,000; price to public 100% of par.
- Initial estimated value: US$917 – US$967 (8.3-8.3% below issue price), reflecting dealer margin, hedging costs and RBC’s internal funding rate.
- Listing: None; secondary market, if any, to be made by RBC Capital Markets (RBCCM) on a best-efforts basis only.
- CUSIP: 78017PES6.
Illustrative performance
- If the index rises 10%, investors receive 20% return (capped at 23.25%).
- If the index declines ≤15%, principal is fully returned.
- A 50% index decline produces a 35% principal loss (US$650 per US$1,000).
Primary risks disclosed
- Credit risk: repayment depends solely on RBC’s ability to pay.
- Market risk: investors may lose substantial principal below the 15% buffer; upside is capped.
- Liquidity risk: notes are not exchange-listed; secondary market may be limited and at significant discounts.
- Valuation risk: initial estimated value is below issue price; bid-ask spreads and dealer funding levels may further depress resale value.
- Tax uncertainty: U.S. federal tax treatment is unclear; counsel assumes prepaid forward “open transaction” status, but IRS could disagree.
The filing also describes hypothetical return tables, selected risk considerations, U.S. tax considerations, and conflicts of interest arising from RBCCM’s dual role as underwriter and calculation agent. Investors are advised to review the full prospectus, prospectus supplement, underlying supplement 1A, and product supplement 1A, and to consult professional advisers before investing.
Royal Bank of Canada (RY) is issuing $2.029 million of three-year Enhanced Return Notes (CUSIP 78017PAJ0) linked to the least-performing of Amazon.com, NVIDIA and Tesla common stock. The notes, part of RBC’s Senior Global Medium-Term Notes, Series J, are unsecured, senior obligations that do not pay coupons and will not be listed on an exchange. At maturity on July 7 2028 investors receive:
- Upside: 123 % participation in any positive performance of the worst-performing underlier.
- Downside: full principal repayment only if the worst performer is flat or negative—no additional loss participation.
Key dates: Trade Date 7/3/2025, Issue Date 7/9/2025, Valuation Date 7/3/2028. Initial underlier values are AMZN $223.41, NVDA $159.34, TSLA $315.35.
Pricing details show a 100 % public offer price, 0.076 % underwriting fee and proceeds of 99.924 %. The initial estimated value is $981.35 per $1,000, reflecting embedded hedging costs and RBC’s lower internal funding rate.
Major risk factors include: credit exposure to RBC, zero periodic interest, performance tied solely to the weakest underlier, limited liquidity (no exchange listing) and potential tax treatment as contingent payment debt instruments (CPDIs). Secondary market prices are expected to be below the public offer price and could incur wide bid-ask spreads.
For RBC, the deal provides low-cost U.S. dollar funding and fee income via RBCCM, but at $2 million, the transaction is immaterial to the bank’s overall capital structure.
Royal Bank of Canada (RY) is marketing a new structured note – “Trigger Autocallable GEARS” – linked to Apple Inc.’s common stock (AAPL). The senior unsecured securities, offered in $10 increments (minimum $1,000), combine an automatic call feature, geared upside participation and contingent downside protection over an expected three-year term ending on or about 14 July 2028.
Key economic terms
- Call Observation Date: 17 Jul 2026. If AAPL closes ≥ the Initial Underlying Value, the notes are automatically redeemed for $11.40 per $10 note (14.00% Call Return) and terminate.
- Upside at maturity: If not called and AAPL appreciates, investors receive principal plus 1.25–1.50× the positive Underlying Return (actual gearing set on 11 Jul 2025).
- Contingent protection: 100% principal is repaid at maturity provided AAPL never falls below the Downside Threshold of 75% of the Initial Value.
- Full downside risk: If AAPL ends below the Downside Threshold, repayment equals principal times the Underlying Return, exposing investors to losses of up to 100%.
- Issue price & value: Offered at $10.00 with a dealer commission of $0.25. RBC’s initial estimated value is $9.20–$9.70, reflecting built-in costs and hedging.
- Credit & liquidity: Payments are subject to RBC’s credit; the notes will not be listed, and secondary liquidity is expected to be limited and dealer-driven.
Risk highlights
- Principal loss: Investors may lose significant or all principal if AAPL declines >25% at final valuation.
- No dividends/interest: The note forgoes AAPL dividends and pays no periodic coupons.
- Limited upside: Automatic call caps gains at 14%; gearing applies only if the note is held to maturity and not called.
- Market & credit risk: Note value is sensitive to AAPL volatility, interest rates and perceptions of RBC’s creditworthiness; the securities are subject to Canadian bank resolution powers.
- Tax & complexity: U.S. tax treatment is uncertain; counsel currently views the notes as prepaid open transactions, but IRS could disagree.
Timeline
- Trade Date: 11 Jul 2025
- Settlement: 16 Jul 2025
- Potential Call Settlement: 21 Jul 2026
- Final Valuation: 11 Jul 2028
- Maturity: 14 Jul 2028
Investor suitability
The notes target investors who 1) are moderately bullish on AAPL over the medium term, 2) can accept capped returns and a 25% contingent buffer, 3) do not need current income, and 4) are comfortable with RBC credit exposure and limited liquidity.
Royal Bank of Canada (RY) is marketing senior unsecured Trigger Autocallable Contingent Yield Notes maturing on or about 13 July 2028. The $10-denominated notes pay a quarterly contingent coupon of 8.00 %–8.40 % p.a. (2.00 %–2.10 % per quarter) only if both underlying indices—the Russell 2000 Index (RTY) and the EURO STOXX 50 Index (SX5E)—close on or above their coupon barriers (70 % of initial levels) on the relevant observation date. Beginning six months after trade date (9 July 2025), the notes are automatically called on any quarterly call observation date if both indices are at or above their initial levels, returning par plus the due coupon.
Principal repayment is contingent. If the notes are not called and the least-performing index closes below its 70 % downside threshold on the final valuation date (10 July 2028), investors receive par reduced by the percentage decline of that index, exposing them to up to 100 % loss of principal. If the least-performing index is at/above the threshold, par plus the final coupon is paid.
Key structural features
- Issue price: $10; minimum investment $1,000.
- Initial estimated value: $9.20–$9.70 (below issue price, reflecting dealer margin and hedge costs).
- Secondary trading: not exchange-listed; liquidity expected to rely on RBC affiliates with potentially wide bid-ask spreads.
- Credit risk: senior unsecured claim on Royal Bank of Canada; payments depend on RBC’s ability to meet obligations; notes are not CDIC or FDIC insured.
- Tax: treated as prepaid financial contracts with ordinary income coupons; U.S. tax characterization uncertain and subject to potential 30 % withholding for non-U.S. holders.
Risk/return profile: Investors receive an attractive headline coupon and a 30 % buffer before principal loss, but forego any upside beyond coupons, face dual-index correlation risk, and may receive no income if either index remains below its barrier. Market, credit, liquidity and regulatory risks are material, as highlighted in the extensive “Key Risks” section.
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