Commentary & Deal Flow

Reoffer: 4NC3: MS+52bp / 99.994 / 3.377% 8NC7: MS+82bp / 99.737 / 3.794%
Benchmark: 4NC3: OBL 2.1 29 #189 @ 98.442% / B+70.1bp 8NC7: DBR 2.3 15-Feb-33 @ 96.592% / B+92.8bp

4NC3 Green: Final Books >€1.8bn (incl. €45m JLM). Peak book >€2.1bn.
8NC7: Final Books >€1.35bn (incl. €20m JLM). Peak book >€1.8bn.

Launched:
4NC3: €1bn @ MS+52bp - books >€2bn (incl. €45m JLM)
8NC7: €750m @ MS+82bp - books >€1.6bn (incl. €20m JLM)
Spread set at: 4NC3: MS+52bp - books >€2.1bn (incl. €45m JLM) 8NC7: MS+82bp - books >€1.8bn (incl. €20m JLM)
Book Update: Combined books in excess of €3bn (excl. JLM), evenly split
IPTs: 4NC3 Green: MS+75/80bp 8NC7: MS+105/110bp

• Issuer: Royal Bank of Canada (Ticker: RY)
• LEI: ES7IP3U3RHIGC71XBU11
• Issuer Ratings: Aa1/AA-/AA+ (Moody's/S&P/Fitch)
• Exp Ratings: A1/A/AA- (Moody's/S&P/Fitch)
• Instrument:
• • 4NC3: Senior Unsecured Green Notes
  • 8NC7: Senior Unsecured Notes
• Format: Regulation S Bearer Notes, TEFRA D applicable. Not Rule 144a eligible
• Status: Pari passu with all other present and future unsubordinated and unsecured obligations of the Issuer including deposit liabilities
• Size:
• • 4NC3: €1bn
  • 8NC7: €750m
• Tenor:
• • 4NC3: 4NC3 FXD-to-FRN
  • 8NC7: 8NC7 FXD-to-FRN
• Settlement Date: 15-Jun-26 (T+4) (for both tranches)
• Optional Redemption Date:
• • 4NC3: 15-Jun-29
  • 8NC7: 03-Aug-33
• Maturity Date:
• • 4NC3: 15-Jun-30
  • 8NC7: 03-Aug-34
• Coupon:
• • 4NC3: 3.375%, Annual (Act/Act ICMA), until the Optional Redemption Date. If not redeemed on the Optional Redemption Date, quarterly coupon of 3m€+52bps, quarterly, Act/360.
  • 8NC7: 3.75%, Annual (Act/Act ICMA), until the Optional Redemption Date. If not redeemed on the Optional Redemption Date, quarterly coupon of 3m€+82bps, quarterly, Act/360. (Short first coupon).
• Reoffer:
• • 4NC3: 99.994% (reo yld 3.377%; MS+52)
  • 8NC7: 99.737% (reo yld 3.794%; MS+82)
• Ref Benchmark:
• • 4NC3: +70.1bps vs OBL 2.1 29 #189 @ 98.442% (yld 2.676%)
  • 8NC7: +92.8bps vs DBR 2.3 15-Feb-33 @ 96.592% (yld 2.867)
• Documentation: Issued under the Programme for the Issuance of Securities, dated 09-Jul-25, as supplemented
• Use of Proceeds: As specified in the Base Prospectus dated 09-Jul-25 the Notes are specified to be Green Bonds and for green purposes as described under Use of Proceeds – Sustainable Notes in the Base Prospectus, in accordance with the issuer’s Sustainable Bond Framework dated June 2020 (as amended) (available at: https://www.rbc.com/investor-relations/sustainable-bonds.html)
• ISIN:
• • 4NC3: XS3406773740
  • 8NC7: XS3406773666
• Governing Law: Province of Ontario and the federal laws of Canada applicable therein
• Listing: London Stock Exchange
• Denominations: €100k+€1k
• Bookrunners: Crédit Agricole CIB, Danske Bank, Lloyds, NATIXIS, RBC Capital Markets (B&D), Santander, Société Générale, Swedbank
• Timing: PRICED; 3yr TOE 15.16 LND; 7yr TOE 15.17 LND; FTT 16.00 LND
• Target Market: Manufacturer target market (UK MIFIR/MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs KID or UK PRIPPS key information document (KID)/CCI product summary has been prepared as not available to retail in EEA or UK.
• Advertisement: The base prospectus dated 09-Jul-25 and any supplements there to are available on http://www.rbc.com/investorrelations . The Final Terms, when published, will be available on http://www.rbc.com/investorrelations
• Notes: Subject to bail-in conversion in Canadian Bail-in Regime