Commentary & Deal Flow

Spread set at: 5yr: MS+22bp - Books > €2.3bn (incl. €125m JLM) 10yr: MS+40bp - Books > €1.2bn (incl. €150m JLM)
Book Update: Combined books in excess of €3bn (incl. €275m JLM), slight skew to 5yr
Guidance: 5yr: MS+28a 10yr: MS+44a

• Issuer: Royal Bank of Canada (RY Corp <GO>)
• LEI Number: ES7IP3U3RHIGC71XBU11
• Guarantor: RBC Covered Bond Guarantor LP
• Collateral: Canadian legislative covered bond, backed by Canadian residential mortgages
• Format: Reg S (Registered)
• Expected Rating: Exp Aaa/AAA/AAA (Moody's/Fitch/DBRS)
• Currency: €
• Tenor:
  • 5yr: 5-year
  • 10yr: 10-year
• Size:
  • 5yr: € Benchmark
  • 10yr: € Benchmark
• Settlement Date:
  • 5yr: 15-Sep-26 (T+5)
  • 10yr: 15-Sep-26 (T+5)
• Maturity Date:
  • 5yr: 15-Sep-31, soft bullet
  • 10yr: 15-Sep-36, soft bullet
• Spread set at:
  • 5yr: MS+22bp
  • 10yr: MS+40bp
• Coupon:
  • 5yr: Fixed, Annual, ACT/ACT (ICMA)
  • 10yr: Fixed, Annual, ACT/ACT (ICMA)
• Target Market: MIFIR (UK) / MiFID II professionals/ECPs-only - No PRIIPs KID and/or CCI Product Summary
• Listing: London Stock Exchange (Main Market)
• Denoms: €100k + €1k
• Docs: Issuer’s Global Legislative Covered Bond Programme, as supplemented
• Bookrunners: BBVA, Commerzbank, DZ Bank, ING, LBBW, Natixis, Nordea, RBCCM (B&D), Santander, Société Générale, UniCredit
• Settlement: Euroclear/Clearstream
• Timing: Books open now. Today's business
• Books Subject: 12:45 CET
• Fees: The Banks will be paid a fee by the Issuer in respect of the placement of the securities. Details of the fee may be made available to investors on request from your usual sales contact.
• Advertisement: The base prospectus dated 9-Jul-26 and any supplements thereto are available on http://www.rbc.com/investorrelations/covered-bonds.html The Final Terms, when published, will be available on http://www.rbc.com/investorrelations/covered-bonds.html