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Royal Bank of Canada (RY) has filed a Free Writing Prospectus for Auto-Callable Fixed Coupon Barrier Notes maturing July 19, 2027. The $5,000-denominated notes pay a fixed coupon of $156.25 per quarter (12.50% p.a.) as long as the notes have not been automatically called. Each quarterly Call Observation Date compares the closing price of Salesforce (CRM), Meta Platforms (META) and Wells Fargo (WFC) to their respective Initial Underlier Values. If all three stocks are at or above their initial levels, the notes are automatically called and investors receive $5,000 principal plus the current coupon; no further payments are made.

Principal repayment is contingent. If the notes are not called, final redemption depends on the Least Performing Underlier: (i) investors receive full principal plus coupon if its Final Value is 鈮� 60% of the initial level (the Barrier Value); (ii) otherwise, holders receive a physical delivery of shares of that worst-performing stock, worth less than (and potentially far below) par.

The initial estimated value is $4,591.50 鈥� $4,841.50 per $5,000 note (鈮� 92%鈥�97% of issue price), reflecting built-in fees and hedging costs. Key risks highlighted include potential loss of principal, limited upside (no participation in stock appreciation), automatic call risk, issuer credit risk, secondary-market illiquidity, and uncertain U.S. tax treatment. The offering is made under SEC Registration No. 333-275898; investors should review the linked preliminary pricing supplement and risk factors before committing capital.

Form 4 overview: Bread Financial Holdings, Inc. (BFH) filed a Form 4 disclosing that Director Roger H. Ballou received a grant of 2,802 restricted stock units (RSUs) on 16 June 2025. The RSUs will vest on 16 June 2026 and convert into common shares at that time.

Following the grant, Ballou鈥檚 total beneficial ownership is reported as 41,117 BFH common shares, held directly. The filing lists a detailed schedule of previously granted, still-unvested RSUs dating back to 2015, showing a long-standing equity alignment with the company.

No sales, option exercises, or derivative security transactions were reported. The grant represents a routine, board-approved equity award rather than an open-market purchase; therefore, it does not alter the public float, cash position, or operational outlook of Bread Financial. The transaction is unlikely to be financially material for investors given the company鈥檚 market capitalization, but it does signal continued insider equity participation.