[S-8 POS] Redfin Corporation SEC Filing
Royal Bank of Canada (RY) has filed a Free Writing Prospectus for Auto-Callable Enhanced Return Barrier Notes linked to an equally weighted basket of five large-capitalization U.S. bank stocks (BAC, C, GS, MS, WFC). The Notes carry a 3-year tenor (Issue Date: 5-Aug-2025; Maturity: 4-Aug-2027) and feature the following key economic terms:
- Automatic Call: If on the single Call Observation Date (13-Aug-2026) the basket closes at or above the Initial Basket Value (set at 100 on trade date), the Notes are redeemed early for 115% of principal on 18-Aug-2026. No further payments are made.
- Upside Participation: If not called and the Final Basket Value exceeds the initial level, holders receive 150 % of the basket return at maturity.
- Contingent Principal Protection: If not called and the basket declines but remains at or above the 75 % Barrier, principal is returned. Below the barrier, repayment is linear with the basket decline, exposing investors to up to 100 % loss of principal.
- No coupons: The Notes pay no periodic interest.
- Issuer & Credit: Senior unsecured obligations of Royal Bank of Canada; payments depend on the issuer鈥檚 creditworthiness.
- Initial Estimated Value: $917.36 鈥� $967.36 per $1,000 face, 3-8 % below the public offering price, reflecting embedded fees and hedging costs.
Risk highlights (summarised from the filing): potential loss of principal, limited upside if called, no equity rights, secondary-market illiquidity, valuation uncertainty, issuer conflicts, tax treatment uncertainty and credit risk of RBC.
Investors are directed to the preliminary pricing supplement and prospectus for full terms and risk factors before investing.
Royal Bank of Canada (RY) ha depositato un Free Writing Prospectus per le Auto-Callable Enhanced Return Barrier Notes collegate a un paniere ponderato equamente composto da cinque azioni bancarie statunitensi a grande capitalizzazione (BAC, C, GS, MS, WFC). Le Note hanno una scadenza di 3 anni (Data di emissione: 5-ago-2025; Scadenza: 4-ago-2027) e presentano i seguenti termini economici chiave:
- Rimborso automatico: Se alla singola data di osservazione per il rimborso anticipato (13-ago-2026) il paniere chiude al valore iniziale o superiore (fissato a 100 alla data di negoziazione), le Note vengono rimborsate anticipatamente al 115% del capitale il 18-ago-2026. Non sono previsti ulteriori pagamenti.
- Partecipazione al rialzo: Se non rimborsate anticipatamente e il valore finale del paniere supera quello iniziale, i detentori ricevono al termine il 150% del rendimento del paniere.
- Protezione condizionata del capitale: Se non rimborsate anticipatamente e il paniere cala ma resta al di sopra o pari alla barriera del 75%, il capitale viene restituito. Se il valore scende sotto la barriera, il rimborso 猫 proporzionale al calo del paniere, esponendo gli investitori a una perdita fino al 100% del capitale.
- Nessuna cedola: Le Note non pagano interessi periodici.
- Emittente e credito: Obbligazioni senior non garantite di Royal Bank of Canada; i pagamenti dipendono dalla solidit脿 creditizia dell鈥檈mittente.
- Valore stimato iniziale: $917,36 鈥� $967,36 per ogni $1.000 di valore nominale, dal 3 all鈥�8% inferiore al prezzo di offerta pubblica, riflettendo costi incorporati e di copertura.
Principali rischi (riassunti dal deposito): possibile perdita del capitale, rendimento limitato in caso di rimborso anticipato, assenza di diritti azionari, scarsa liquidit脿 sul mercato secondario, incertezza nella valutazione, conflitti dell鈥檈mittente, incertezza fiscale e rischio di credito legato a RBC.
Si invita gli investitori a consultare il supplemento di prezzo preliminare e il prospetto per conoscere i termini completi e i fattori di rischio prima di investire.
Royal Bank of Canada (RY) ha presentado un Free Writing Prospectus para las Auto-Callable Enhanced Return Barrier Notes vinculadas a una cesta ponderada equitativamente compuesta por cinco acciones bancarias estadounidenses de gran capitalizaci贸n (BAC, C, GS, MS, WFC). Los Bonos tienen un plazo de 3 a帽os (Fecha de emisi贸n: 5-ago-2025; Vencimiento: 4-ago-2027) y presentan los siguientes t茅rminos econ贸micos clave:
- Redenci贸n autom谩tica: Si en la 煤nica fecha de observaci贸n para el llamado anticipado (13-ago-2026) la cesta cierra en o por encima del Valor Inicial de la Cesta (establecido en 100 en la fecha de negociaci贸n), los Bonos se redimen anticipadamente al 115% del principal el 18-ago-2026. No se realizan pagos adicionales.
- Participaci贸n al alza: Si no se llaman y el Valor Final de la Cesta supera el nivel inicial, los tenedores reciben al vencimiento el 150% del rendimiento de la cesta.
- Protecci贸n contingente del principal: Si no se llaman y la cesta baja pero se mantiene en o por encima de la barrera del 75%, se devuelve el principal. Por debajo de la barrera, el reembolso es lineal con la ca铆da de la cesta, exponiendo a los inversores a una p茅rdida de hasta el 100% del principal.
- Sin cupones: Los Bonos no pagan intereses peri贸dicos.
- Emisor y cr茅dito: Obligaciones senior no garantizadas de Royal Bank of Canada; los pagos dependen de la solvencia crediticia del emisor.
- Valor estimado inicial: $917,36 鈥� $967,36 por cada $1,000 de valor nominal, 3-8% por debajo del precio de oferta p煤blica, reflejando costos incorporados y de cobertura.
Aspectos destacados de riesgo (resumidos del documento): posible p茅rdida del principal, ganancia limitada si se llama anticipadamente, sin derechos accionarios, iliquidez en el mercado secundario, incertidumbre en la valoraci贸n, conflictos del emisor, incertidumbre fiscal y riesgo crediticio de RBC.
Se recomienda a los inversores consultar el suplemento preliminar de precios y el prospecto para conocer los t茅rminos completos y factores de riesgo antes de invertir.
搿滌棿 氡呿伂 鞓る笇 旌愲倶雼�(RY)電� 雼れ劘 臧滌潣 雽�順� 氙戈淡 鞚�頄� 欤检嫕(BAC, C, GS, MS, WFC)鞙茧 攴犽摫 臧�欷戨悳 氚旍姢旒撿棎 鞐半彊霅� 鞛愲彊 旖� 臧�電� 臧曧檾 靾橃澋 氚半Μ鞏� 雲疙姼鞐� 雽�頃� Free Writing Prospectus毳� 鞝滌稖頄堨姷雼堧嫟. 鞚� 雲疙姼電� 3雲� 毵岅赴(氚滍枆鞚�: 2025雲� 8鞗� 5鞚�; 毵岅赴鞚�: 2027雲� 8鞗� 4鞚�)鞚措┌ 欤检殧 瓴届牅 臁瓣贝鞚� 雼れ潓瓿� 臧欖姷雼堧嫟:
- 鞛愲彊 旖�: 雼澕 旖� 甏�彀办澕(2026雲� 8鞗� 13鞚�)鞐� 氚旍姢旒撿澊 齑堦赴 氚旍姢旒� 臧�旃�(瓯半灅鞚� 旮办 100) 鞚挫儊鞙茧 毵堦皭頃橂┐, 雲疙姼電� 2026雲� 8鞗� 18鞚检棎 鞗愱笀鞚� 115%搿� 臁瓣赴 靸來櫂霅╇媹雼�. 鞚错泟 於旉皜 歆�旮夓潃 鞐嗢姷雼堧嫟.
- 靸侅姽 彀胳棳: 旖滊悩歆� 鞎婈碃 斓滌 氚旍姢旒� 臧�旃橁皜 齑堦赴 靾橃鞚� 齑堦臣頃橂┐ 毵岅赴 鞁� 氤挫湢鞛愲姅 氚旍姢旒� 靾橃澋毳犾潣 150%毳� 氚涭姷雼堧嫟.
- 臁瓣贝攵� 鞗愱笀 氤错樃: 旖滊悩歆� 鞎婈碃 氚旍姢旒撿澊 頃橂澖頄堨毵� 75% 氚半Μ鞏� 鞚挫儊鞚� 瓴届毎 鞗愱笀鞚� 氚橅櫂霅╇媹雼�. 氚半Μ鞏� 鞎勲灅搿� 霒柎歆�氅� 靸來櫂鞚� 氚旍姢旒� 頃橂澖鞐� 牍勲頃橂┌, 韴瀽鞛愲姅 斓滊寑 100% 鞗愱笀 靻愳嫟 鞙勴棙鞐� 雲胳稖霅╇媹雼�.
- 炜犿彴 鞐嗢潓: 雲疙姼電� 鞝曣赴 鞚挫瀽毳� 歆�旮夗晿歆� 鞎婌姷雼堧嫟.
- 氚滍枆鞛� 氚� 鞁犾毄: 搿滌棿 氡呿伂 鞓る笇 旌愲倶雼れ潣 靹犾垳鞙� 氍措嫶氤� 毂勲搿�, 歆�旮夓潃 氚滍枆鞛愳潣 鞁犾毄霃勳棎 霐半澕 雼澕歆戨媹雼�.
- 齑堦赴 於旍爼 臧�旃�: $1,000 氇呺臧�旃橂嫻 $917.36 鈥� $967.36, 瓿惦臧� 雽�牍� 3-8% 雮溂氅� 雮挫灛 靾橃垬耄� 氚� 項れ 牍勳毄鞚� 氚橃榿霅橃柎 鞛堨姷雼堧嫟.
鞙勴棙 鞖旍暯 (鞝滌稖 氍胳劀鞐愳劀 鞖旍暯): 鞗愱笀 靻愳嫟 臧�電レ劚, 旖� 鞁� 鞝滍暅霅� 靸侅姽 鞛犾灛霠�, 欤检嫕 甓岆Μ 鞐嗢潓, 2彀� 鞁滌灔 鞙犽彊靹� 攵�臁�, 臧�旃� 韽夑皜 攵堩檿鞁れ劚, 氚滍枆鞛� 鞚错暣 靸侅订, 靹戈笀 觳橂Μ 攵堩檿鞁れ劚 氚� RBC 鞁犾毄 鞙勴棙.
韴瀽鞛愲姅 韴瀽 鞝� 鞝勳泊 臁瓣贝瓿� 鞙勴棙 鞖旍唽毳� 頇曥澑頃橁赴 鞙勴暣 鞓堧箘 臧�瓴� 氤挫订靹滌檧 靹る獏靹滊ゼ 彀胳“頃橃嫓旮� 氚旊瀺雼堧嫟.
Royal Bank of Canada (RY) a d茅pos茅 un Free Writing Prospectus pour des Auto-Callable Enhanced Return Barrier Notes li茅es 脿 un panier 茅galement pond茅r茅 compos茅 de cinq actions bancaires am茅ricaines 脿 grande capitalisation (BAC, C, GS, MS, WFC). Les Notes ont une dur茅e de 3 ans (Date d鈥櫭﹎ission : 5 ao没t 2025 ; 脡ch茅ance : 4 ao没t 2027) et pr茅sentent les principales caract茅ristiques 茅conomiques suivantes :
- Rappel automatique : Si 脿 la date unique d鈥檕bservation pour le rappel automatique (13 ao没t 2026), le panier cl么ture 脿 la valeur initiale ou au-dessus (fix茅e 脿 100 脿 la date de transaction), les Notes sont rembours茅es par anticipation 脿 115 % du principal le 18 ao没t 2026. Aucun paiement suppl茅mentaire n鈥檈st effectu茅.
- Participation 脿 la hausse : Si non rappel茅es et que la valeur finale du panier d茅passe le niveau initial, les d茅tenteurs re莽oivent 脿 l鈥櫭ヽh茅ance 150 % du rendement du panier.
- Protection conditionnelle du capital : Si non rappel茅es et que le panier baisse mais reste au-dessus ou 茅gal 脿 la barri猫re de 75 %, le capital est rembours茅. En dessous de la barri猫re, le remboursement est proportionnel 脿 la baisse du panier, exposant les investisseurs 脿 une perte pouvant atteindre 100 % du capital.
- Pas de coupons : Les Notes ne versent pas d鈥檌nt茅r锚ts p茅riodiques.
- 脡metteur et cr茅dit : Obligations senior non garanties de Royal Bank of Canada ; les paiements d茅pendent de la solvabilit茅 de l鈥櫭﹎etteur.
- Valeur estim茅e initiale : 917,36 $ 鈥� 967,36 $ pour 1 000 $ de valeur nominale, 3 脿 8 % inf茅rieure au prix d鈥檕ffre publique, refl茅tant les frais int茅gr茅s et les co没ts de couverture.
Points cl茅s de risque (r茅sum茅s 脿 partir du d茅p么t) : risque de perte du capital, potentiel de gain limit茅 en cas de rappel, absence de droits actionnaires, illiquidit茅 sur le march茅 secondaire, incertitude de valorisation, conflits d鈥檌nt茅r锚ts de l鈥櫭﹎etteur, incertitude fiscale et risque de cr茅dit li茅 脿 RBC.
Les investisseurs sont invit茅s 脿 consulter le suppl茅ment de prix pr茅liminaire et le prospectus pour conna卯tre l鈥檌nt茅gralit茅 des conditions et des facteurs de risque avant d鈥檌nvestir.
Royal Bank of Canada (RY) hat ein Free Writing Prospectus f眉r Auto-Callable Enhanced Return Barrier Notes eingereicht, die an einen gleichgewichteten Korb von f眉nf US-Gro脽bankaktien (BAC, C, GS, MS, WFC) gekoppelt sind. Die Notes haben eine 3-j盲hrige Laufzeit (Ausgabedatum: 5. August 2025; F盲lligkeit: 4. August 2027) und enthalten folgende wesentliche wirtschaftliche Bedingungen:
- Automatischer R眉ckruf: Wenn der Korb am einzigen R眉ckrufbeobachtungstag (13. August 2026) auf oder 眉ber dem Anfangswert des Korbs (bei 100 am Handelstag festgelegt) schlie脽t, werden die Notes am 18. August 2026 vorzeitig zu 115% des Kapitals zur眉ckgezahlt. Weitere Zahlungen erfolgen nicht.
- 础耻蹿飞盲谤迟蝉辫补谤迟颈锄颈辫补迟颈辞苍: Wenn nicht zur眉ckgerufen und der Endwert des Korbs den Anfangswert 眉bersteigt, erhalten die Inhaber bei F盲lligkeit 150 % der Korbrendite.
- Bedingter Kapitalschutz: Wenn nicht zur眉ckgerufen und der Korb f盲llt, aber mindestens die 75 % Barriere erreicht, wird das Kapital zur眉ckgezahlt. Liegt der Wert unter der Barriere, erfolgt die R眉ckzahlung linear zum Korbverlust, womit Investoren einem Totalverlust des Kapitals von bis zu 100 % ausgesetzt sind.
- Keine Kupons: Die Notes zahlen keine periodischen Zinsen.
- Emittent & Kredit: Nachrangige unbesicherte Verbindlichkeiten der Royal Bank of Canada; Zahlungen h盲ngen von der Kreditw眉rdigkeit des Emittenten ab.
- Anf盲nglicher Sch盲tzwert: $917,36 鈥� $967,36 pro $1.000 Nominalwert, 3-8 % unter dem 枚ffentlichen Angebotspreis, was eingebettete Geb眉hren und Absicherungskosten widerspiegelt.
Risikohighlights (zusammengefasst aus der Einreichung): potenzieller Kapitalverlust, begrenztes Aufw盲rtspotenzial bei R眉ckruf, keine Aktion盲rsrechte, Illiquidit盲t im Sekund盲rmarkt, Bewertungsunsicherheit, Interessenkonflikte des Emittenten, steuerliche Unsicherheiten und Kreditrisiko von RBC.
Investoren werden aufgefordert, das vorl盲ufige Preiszusatzblatt und den Prospekt f眉r vollst盲ndige Bedingungen und Risikofaktoren vor einer Investition zu lesen.
- 15% automatic call yield reachable after one year if the basket is flat or higher, offering an above-market short-term return.
- 150% participation rate on upside at maturity provides leveraged equity exposure if the note is not called.
- Contingent principal protection up to a 25% basket decline limits losses relative to direct equity ownership, provided the barrier is not breached.
- Capital at risk below the 75% barrier; investors can lose their entire principal in a severe downturn.
- No periodic interest payments, reducing carry versus conventional bonds.
- Initial estimated value 3-8% below par indicates embedded fees and potential negative mark-to-market on issuance.
- Single observation call caps upside at 15% if triggered, leading to reinvestment risk.
- Credit risk of Royal Bank of Canada; note is a senior unsecured obligation.
- Limited secondary-market liquidity; investors may face large bid-ask spreads if they need to exit early.
Insights
TL;DR: 15% call yield in one year, 150% upside thereafter, but barrier at 75% and issuer pricing discount create meaningful downside and valuation drag.
The note offers an eye-catching 15% absolute return if the basket merely holds its ground by August 2026. Because U.S. large-cap banks often exhibit correlated performance, the single observation call structure can crystallize gains quickly in a sideways or modestly bullish market.
Beyond the call date, the 150% participation rate affords leveraged upside, but only if the basket is above its initial level.
Risk is asymmetric: a 25% cushion is relatively thin for a volatile sector鈥攄uring the 2023 banking volatility, several constituents fell well beyond that threshold. Below the barrier, losses mirror the equity decline, eliminating any fixed-income characteristics.
The initial estimated value (as low as 91.7% of par) confirms a substantial embedded fee. Investors effectively pre-pay for downside protection that disappears if the barrier is breached.
Credit risk is senior unsecured RBC exposure; while RBC is high-grade, spread widening could erode secondary prices. Overall, the product suits tactical investors with a positive 12-month view on U.S. bank equities and appetite for issuer and structure risk.
TL;DR: Attractive headline coupon masks call risk; modest diversification benefit; limited portfolio utility versus direct equity or vanilla bonds.
From an allocation standpoint, the note鈥檚 performance is binary. In a flat or mildly rising banking sector, it can outperform cash with a tidy 15% in 12 months. Yet that outcome removes future upside鈥攃apital is returned and must be reinvested at then-prevailing rates.
If not called, investors endure two further years of illiquidity and equity volatility without dividends. While 150% participation is appealing, a direct equity position in the five banks, with dividends and full upside, may compare favorably on a risk-adjusted basis.
The 75% barrier provides contingent protection but is far from capital-guaranteed. Stress scenarios akin to the 2020 Covid sell-off or 2023 regional-banks turmoil could breach it, leading to equity-like losses with no dividend offset.
Given the 3-8% pricing concession and potential lack of secondary liquidity, I view the instrument as tactically neutral rather than strategic. Investors comfortable with issuer credit and seeking asymmetric exposure may allocate a small sleeve; most diversified portfolios can likely achieve similar outcomes more transparently with equities and options.
Royal Bank of Canada (RY) ha depositato un Free Writing Prospectus per le Auto-Callable Enhanced Return Barrier Notes collegate a un paniere ponderato equamente composto da cinque azioni bancarie statunitensi a grande capitalizzazione (BAC, C, GS, MS, WFC). Le Note hanno una scadenza di 3 anni (Data di emissione: 5-ago-2025; Scadenza: 4-ago-2027) e presentano i seguenti termini economici chiave:
- Rimborso automatico: Se alla singola data di osservazione per il rimborso anticipato (13-ago-2026) il paniere chiude al valore iniziale o superiore (fissato a 100 alla data di negoziazione), le Note vengono rimborsate anticipatamente al 115% del capitale il 18-ago-2026. Non sono previsti ulteriori pagamenti.
- Partecipazione al rialzo: Se non rimborsate anticipatamente e il valore finale del paniere supera quello iniziale, i detentori ricevono al termine il 150% del rendimento del paniere.
- Protezione condizionata del capitale: Se non rimborsate anticipatamente e il paniere cala ma resta al di sopra o pari alla barriera del 75%, il capitale viene restituito. Se il valore scende sotto la barriera, il rimborso 猫 proporzionale al calo del paniere, esponendo gli investitori a una perdita fino al 100% del capitale.
- Nessuna cedola: Le Note non pagano interessi periodici.
- Emittente e credito: Obbligazioni senior non garantite di Royal Bank of Canada; i pagamenti dipendono dalla solidit脿 creditizia dell鈥檈mittente.
- Valore stimato iniziale: $917,36 鈥� $967,36 per ogni $1.000 di valore nominale, dal 3 all鈥�8% inferiore al prezzo di offerta pubblica, riflettendo costi incorporati e di copertura.
Principali rischi (riassunti dal deposito): possibile perdita del capitale, rendimento limitato in caso di rimborso anticipato, assenza di diritti azionari, scarsa liquidit脿 sul mercato secondario, incertezza nella valutazione, conflitti dell鈥檈mittente, incertezza fiscale e rischio di credito legato a RBC.
Si invita gli investitori a consultare il supplemento di prezzo preliminare e il prospetto per conoscere i termini completi e i fattori di rischio prima di investire.
Royal Bank of Canada (RY) ha presentado un Free Writing Prospectus para las Auto-Callable Enhanced Return Barrier Notes vinculadas a una cesta ponderada equitativamente compuesta por cinco acciones bancarias estadounidenses de gran capitalizaci贸n (BAC, C, GS, MS, WFC). Los Bonos tienen un plazo de 3 a帽os (Fecha de emisi贸n: 5-ago-2025; Vencimiento: 4-ago-2027) y presentan los siguientes t茅rminos econ贸micos clave:
- Redenci贸n autom谩tica: Si en la 煤nica fecha de observaci贸n para el llamado anticipado (13-ago-2026) la cesta cierra en o por encima del Valor Inicial de la Cesta (establecido en 100 en la fecha de negociaci贸n), los Bonos se redimen anticipadamente al 115% del principal el 18-ago-2026. No se realizan pagos adicionales.
- Participaci贸n al alza: Si no se llaman y el Valor Final de la Cesta supera el nivel inicial, los tenedores reciben al vencimiento el 150% del rendimiento de la cesta.
- Protecci贸n contingente del principal: Si no se llaman y la cesta baja pero se mantiene en o por encima de la barrera del 75%, se devuelve el principal. Por debajo de la barrera, el reembolso es lineal con la ca铆da de la cesta, exponiendo a los inversores a una p茅rdida de hasta el 100% del principal.
- Sin cupones: Los Bonos no pagan intereses peri贸dicos.
- Emisor y cr茅dito: Obligaciones senior no garantizadas de Royal Bank of Canada; los pagos dependen de la solvencia crediticia del emisor.
- Valor estimado inicial: $917,36 鈥� $967,36 por cada $1,000 de valor nominal, 3-8% por debajo del precio de oferta p煤blica, reflejando costos incorporados y de cobertura.
Aspectos destacados de riesgo (resumidos del documento): posible p茅rdida del principal, ganancia limitada si se llama anticipadamente, sin derechos accionarios, iliquidez en el mercado secundario, incertidumbre en la valoraci贸n, conflictos del emisor, incertidumbre fiscal y riesgo crediticio de RBC.
Se recomienda a los inversores consultar el suplemento preliminar de precios y el prospecto para conocer los t茅rminos completos y factores de riesgo antes de invertir.
搿滌棿 氡呿伂 鞓る笇 旌愲倶雼�(RY)電� 雼れ劘 臧滌潣 雽�順� 氙戈淡 鞚�頄� 欤检嫕(BAC, C, GS, MS, WFC)鞙茧 攴犽摫 臧�欷戨悳 氚旍姢旒撿棎 鞐半彊霅� 鞛愲彊 旖� 臧�電� 臧曧檾 靾橃澋 氚半Μ鞏� 雲疙姼鞐� 雽�頃� Free Writing Prospectus毳� 鞝滌稖頄堨姷雼堧嫟. 鞚� 雲疙姼電� 3雲� 毵岅赴(氚滍枆鞚�: 2025雲� 8鞗� 5鞚�; 毵岅赴鞚�: 2027雲� 8鞗� 4鞚�)鞚措┌ 欤检殧 瓴届牅 臁瓣贝鞚� 雼れ潓瓿� 臧欖姷雼堧嫟:
- 鞛愲彊 旖�: 雼澕 旖� 甏�彀办澕(2026雲� 8鞗� 13鞚�)鞐� 氚旍姢旒撿澊 齑堦赴 氚旍姢旒� 臧�旃�(瓯半灅鞚� 旮办 100) 鞚挫儊鞙茧 毵堦皭頃橂┐, 雲疙姼電� 2026雲� 8鞗� 18鞚检棎 鞗愱笀鞚� 115%搿� 臁瓣赴 靸來櫂霅╇媹雼�. 鞚错泟 於旉皜 歆�旮夓潃 鞐嗢姷雼堧嫟.
- 靸侅姽 彀胳棳: 旖滊悩歆� 鞎婈碃 斓滌 氚旍姢旒� 臧�旃橁皜 齑堦赴 靾橃鞚� 齑堦臣頃橂┐ 毵岅赴 鞁� 氤挫湢鞛愲姅 氚旍姢旒� 靾橃澋毳犾潣 150%毳� 氚涭姷雼堧嫟.
- 臁瓣贝攵� 鞗愱笀 氤错樃: 旖滊悩歆� 鞎婈碃 氚旍姢旒撿澊 頃橂澖頄堨毵� 75% 氚半Μ鞏� 鞚挫儊鞚� 瓴届毎 鞗愱笀鞚� 氚橅櫂霅╇媹雼�. 氚半Μ鞏� 鞎勲灅搿� 霒柎歆�氅� 靸來櫂鞚� 氚旍姢旒� 頃橂澖鞐� 牍勲頃橂┌, 韴瀽鞛愲姅 斓滊寑 100% 鞗愱笀 靻愳嫟 鞙勴棙鞐� 雲胳稖霅╇媹雼�.
- 炜犿彴 鞐嗢潓: 雲疙姼電� 鞝曣赴 鞚挫瀽毳� 歆�旮夗晿歆� 鞎婌姷雼堧嫟.
- 氚滍枆鞛� 氚� 鞁犾毄: 搿滌棿 氡呿伂 鞓る笇 旌愲倶雼れ潣 靹犾垳鞙� 氍措嫶氤� 毂勲搿�, 歆�旮夓潃 氚滍枆鞛愳潣 鞁犾毄霃勳棎 霐半澕 雼澕歆戨媹雼�.
- 齑堦赴 於旍爼 臧�旃�: $1,000 氇呺臧�旃橂嫻 $917.36 鈥� $967.36, 瓿惦臧� 雽�牍� 3-8% 雮溂氅� 雮挫灛 靾橃垬耄� 氚� 項れ 牍勳毄鞚� 氚橃榿霅橃柎 鞛堨姷雼堧嫟.
鞙勴棙 鞖旍暯 (鞝滌稖 氍胳劀鞐愳劀 鞖旍暯): 鞗愱笀 靻愳嫟 臧�電レ劚, 旖� 鞁� 鞝滍暅霅� 靸侅姽 鞛犾灛霠�, 欤检嫕 甓岆Μ 鞐嗢潓, 2彀� 鞁滌灔 鞙犽彊靹� 攵�臁�, 臧�旃� 韽夑皜 攵堩檿鞁れ劚, 氚滍枆鞛� 鞚错暣 靸侅订, 靹戈笀 觳橂Μ 攵堩檿鞁れ劚 氚� RBC 鞁犾毄 鞙勴棙.
韴瀽鞛愲姅 韴瀽 鞝� 鞝勳泊 臁瓣贝瓿� 鞙勴棙 鞖旍唽毳� 頇曥澑頃橁赴 鞙勴暣 鞓堧箘 臧�瓴� 氤挫订靹滌檧 靹る獏靹滊ゼ 彀胳“頃橃嫓旮� 氚旊瀺雼堧嫟.
Royal Bank of Canada (RY) a d茅pos茅 un Free Writing Prospectus pour des Auto-Callable Enhanced Return Barrier Notes li茅es 脿 un panier 茅galement pond茅r茅 compos茅 de cinq actions bancaires am茅ricaines 脿 grande capitalisation (BAC, C, GS, MS, WFC). Les Notes ont une dur茅e de 3 ans (Date d鈥櫭﹎ission : 5 ao没t 2025 ; 脡ch茅ance : 4 ao没t 2027) et pr茅sentent les principales caract茅ristiques 茅conomiques suivantes :
- Rappel automatique : Si 脿 la date unique d鈥檕bservation pour le rappel automatique (13 ao没t 2026), le panier cl么ture 脿 la valeur initiale ou au-dessus (fix茅e 脿 100 脿 la date de transaction), les Notes sont rembours茅es par anticipation 脿 115 % du principal le 18 ao没t 2026. Aucun paiement suppl茅mentaire n鈥檈st effectu茅.
- Participation 脿 la hausse : Si non rappel茅es et que la valeur finale du panier d茅passe le niveau initial, les d茅tenteurs re莽oivent 脿 l鈥櫭ヽh茅ance 150 % du rendement du panier.
- Protection conditionnelle du capital : Si non rappel茅es et que le panier baisse mais reste au-dessus ou 茅gal 脿 la barri猫re de 75 %, le capital est rembours茅. En dessous de la barri猫re, le remboursement est proportionnel 脿 la baisse du panier, exposant les investisseurs 脿 une perte pouvant atteindre 100 % du capital.
- Pas de coupons : Les Notes ne versent pas d鈥檌nt茅r锚ts p茅riodiques.
- 脡metteur et cr茅dit : Obligations senior non garanties de Royal Bank of Canada ; les paiements d茅pendent de la solvabilit茅 de l鈥櫭﹎etteur.
- Valeur estim茅e initiale : 917,36 $ 鈥� 967,36 $ pour 1 000 $ de valeur nominale, 3 脿 8 % inf茅rieure au prix d鈥檕ffre publique, refl茅tant les frais int茅gr茅s et les co没ts de couverture.
Points cl茅s de risque (r茅sum茅s 脿 partir du d茅p么t) : risque de perte du capital, potentiel de gain limit茅 en cas de rappel, absence de droits actionnaires, illiquidit茅 sur le march茅 secondaire, incertitude de valorisation, conflits d鈥檌nt茅r锚ts de l鈥櫭﹎etteur, incertitude fiscale et risque de cr茅dit li茅 脿 RBC.
Les investisseurs sont invit茅s 脿 consulter le suppl茅ment de prix pr茅liminaire et le prospectus pour conna卯tre l鈥檌nt茅gralit茅 des conditions et des facteurs de risque avant d鈥檌nvestir.
Royal Bank of Canada (RY) hat ein Free Writing Prospectus f眉r Auto-Callable Enhanced Return Barrier Notes eingereicht, die an einen gleichgewichteten Korb von f眉nf US-Gro脽bankaktien (BAC, C, GS, MS, WFC) gekoppelt sind. Die Notes haben eine 3-j盲hrige Laufzeit (Ausgabedatum: 5. August 2025; F盲lligkeit: 4. August 2027) und enthalten folgende wesentliche wirtschaftliche Bedingungen:
- Automatischer R眉ckruf: Wenn der Korb am einzigen R眉ckrufbeobachtungstag (13. August 2026) auf oder 眉ber dem Anfangswert des Korbs (bei 100 am Handelstag festgelegt) schlie脽t, werden die Notes am 18. August 2026 vorzeitig zu 115% des Kapitals zur眉ckgezahlt. Weitere Zahlungen erfolgen nicht.
- 础耻蹿飞盲谤迟蝉辫补谤迟颈锄颈辫补迟颈辞苍: Wenn nicht zur眉ckgerufen und der Endwert des Korbs den Anfangswert 眉bersteigt, erhalten die Inhaber bei F盲lligkeit 150 % der Korbrendite.
- Bedingter Kapitalschutz: Wenn nicht zur眉ckgerufen und der Korb f盲llt, aber mindestens die 75 % Barriere erreicht, wird das Kapital zur眉ckgezahlt. Liegt der Wert unter der Barriere, erfolgt die R眉ckzahlung linear zum Korbverlust, womit Investoren einem Totalverlust des Kapitals von bis zu 100 % ausgesetzt sind.
- Keine Kupons: Die Notes zahlen keine periodischen Zinsen.
- Emittent & Kredit: Nachrangige unbesicherte Verbindlichkeiten der Royal Bank of Canada; Zahlungen h盲ngen von der Kreditw眉rdigkeit des Emittenten ab.
- Anf盲nglicher Sch盲tzwert: $917,36 鈥� $967,36 pro $1.000 Nominalwert, 3-8 % unter dem 枚ffentlichen Angebotspreis, was eingebettete Geb眉hren und Absicherungskosten widerspiegelt.
Risikohighlights (zusammengefasst aus der Einreichung): potenzieller Kapitalverlust, begrenztes Aufw盲rtspotenzial bei R眉ckruf, keine Aktion盲rsrechte, Illiquidit盲t im Sekund盲rmarkt, Bewertungsunsicherheit, Interessenkonflikte des Emittenten, steuerliche Unsicherheiten und Kreditrisiko von RBC.
Investoren werden aufgefordert, das vorl盲ufige Preiszusatzblatt und den Prospekt f眉r vollst盲ndige Bedingungen und Risikofaktoren vor einer Investition zu lesen.
FAQ
What is the potential return if the Royal Bank of Canada (RY) note is called early?
How much downside protection does the RBC Auto-Callable note provide?
What upside participation does the note offer at maturity if not called?
Why is the initial estimated value below the $1,000 offering price?
Does the note pay any interest or dividends?
What credit exposure do investors take on with this note?
