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Royal Bank of Canada (RY) has filed a Rule 424(b)(2) pricing supplement for a US$917,000 issuance of Auto-Callable Contingent Coupon Barrier Notes (Series J) due April 1 2030. The notes are senior unsecured obligations linked to the worst performer among three major U.S. equity indices: the Nasdaq-100 (NDX), Russell 2000 (RTY) and S&P 500 (SPX).

Key economics

• Issue price: 100% of principal; minimum investment US$1,000.
• Contingent coupon: 2.40% per quarter (9.60% p.a.) paid only if, on each quarterly observation date, every index closes 鈮�75% of its initial level.
• Call feature: Beginning June 29 2026 (鈮�1 year after trade date), the notes are automatically redeemed at par plus the coupon if all indices are at or above their initial levels.
• Principal protection: At maturity, full principal is returned only if the worst-performing index is 鈮�60% of its initial level; otherwise investors lose 1% of principal for every 1% decline in that index.
• Initial index levels: NDX 22,534.20; RTY 2,172.526; SPX 6,173.07. Corresponding 75% coupon thresholds and 60% barriers are fixed for the life of the notes.
• Initial estimated value: US$988.06 per US$1,000 note, below the public offering price, reflecting structuring and hedging costs.
• Fees: Underwriting discount 0.027% (鈮圲S$250 total) plus selling concessions up to US$2.50 per US$1,000 and potential referral fees up to US$10.
• Listing & liquidity: The notes will not be listed on any exchange; secondary market making is discretionary by RBC Capital Markets (RBCCM).

Risk highlights

• Credit risk of Royal Bank of Canada; notes are senior unsecured claims.
• Market risk concentrated in the weakest of the three indices; no benefit from positive performance of the other two.
• No participation in index appreciation beyond the fixed coupon; total return is capped.
• Investors may receive zero coupons during the term and could lose up to 100% of principal if the worst index closes <60% of its initial value at maturity.
• Uncertain tax treatment; coupons expected to be ordinary income; potential 30% withholding for non-U.S. holders.
• Illiquid secondary market; sale prior to maturity likely at a discount to both par and initial estimated value.

The product targets yield-seeking investors comfortable with equity-linked downside risk and the possibility of early redemption. Given the 9.60% contingent coupon and a 40% downside buffer, the structure offers enhanced income relative to traditional fixed-rate RBC debt, but investors bear path-dependent coupon risk, barrier risk, and issuer credit exposure.

ArcelorMittal (NYSE:MT) filed a Form 6-K dated 20 June 2025 to furnish two press releases that constitute material corporate actions.

The first release, issued 18 June 2025 (Exhibit 99.1), announces that the company completed the acquisition of Nippon Steel Corporation鈥檚 interest in AM/NS Calvert, its advanced steel finishing facility in Alabama. No purchase price, financing structure, or projected synergies are provided in the filing, but the disclosure confirms the transaction鈥檚 closing and indicates that ArcelorMittal now holds a larger鈥攑otentially controlling鈥攕take in a key U.S. asset.

The second release, dated 20 June 2025 (Exhibit 99.2), states that ArcelorMittal has agreed to sell its Bosnian operations. The filing does not specify the buyer, valuation, or timing of completion. Together, the events signal an ongoing portfolio realignment: expanding in high-value downstream U.S. operations while exiting smaller European assets.

No consolidated financial statements, pro-forma data, or risk factors accompany the 6-K. Investors should therefore look to subsequent filings for quantitative impact. Nonetheless, the dual announcements constitute potentially significant changes to the company鈥檚 geographic footprint and asset mix.