Filed Pursuant to Rule 433
Registration Statement No. 333-259205
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The information in this preliminary pricing supplement is not complete and may be changed.
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Preliminary Pricing Supplement
Dated May 1, 2023
to the Product Prospectus Supplement No. ERN-ES-1, the Prospectus Supplement and the Prospectus, Each Dated September 14, 2021
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$_________
Notes Linked to Raymond James .
Securities Selections, due November 22,
2024
Royal Bank of Canada
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Per Note
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Total
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Price to public(1)
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100.00%
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$___
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Underwriting discounts and commissions(1)
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0%
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$___
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Proceeds to Royal Bank of Canada
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100.00%
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$___
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Notes Linked to Raymond James Securities
Selections
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Issuer:
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Royal Bank of Canada (“Royal Bank”)
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Underwriter:
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RBC Capital Markets, LLC
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Minimum
Investment:
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$1,000 and minimum denominations of $1,000 in excess thereof
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Trade Date
(Pricing
Date):
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May 19, 2023
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Issue Date:
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May 24, 2023
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Valuation
Date:
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November 19, 2024
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Maturity
Date:
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November 22, 2024, subject to extension for market and other disruptions, as described below and in the product prospectus supplement.
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Reference
Asset:
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A Basket consisting of the 20 Reference Stocks set forth in the table below. We refer to the issuer of each Reference Stock as a “Reference Stock Issuer.”
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Payment at
Maturity (if
held to
maturity): |
The amount that you will receive at maturity for each $1,000 in principal amount of the Notes (the “Redemption Amount”) will depend upon the performance of the Basket. The
Redemption Amount will equal the product of (a) $1,000, (b) the Basket Level Percentage and (c) the Participation Rate.
As discussed in more detail below, the Basket Level Percentage must exceed approximately 101.17% in order for you to receive a Redemption Amount per $1,000
in principal amount of the Notes that exceeds the principal amount. In addition, the Redemption Amount could be substantially less than the principal amount of the Notes.
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Reference
Stock
Weighting:
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For each Reference Stock, 1/20th
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Reference
Stock
Performance:
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The Reference Stock Performance will measure the change in value of each Reference Stock over the term of the Notes.
For each Reference Stock, the Reference Stock Performance will equal (a) the applicable Final Share Price divided by (b) the applicable Initial Share Price, expressed as a
percentage.
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Weighted
Reference
Stock
Performance:
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For each Reference Stock, the product of (a) its Reference Stock Performance and (b) the Reference Stock Weighting.
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Participation
Rate:
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98.85%. Because the Participation Rate is less than 100%, the Basket Level Percentage must exceed approximately 101.17% in order for you to receive a Redemption Amount per
$1,000 in principal amount of the Notes that exceeds the principal amount. In addition, because the Participation Rate is less than 100%, the interest payments you receive on the Notes will be less than the applicable Dividend Amounts. See
“Hypothetical Returns” below.
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Basket Level Percentage:
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The sum of the Weighted Reference Stock Performances.
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Notes Linked to Raymond James Securities
Selections
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Initial Share Price:
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For each Reference Stock, its closing price on the Trade Date, as determined by the Calculation Agent:
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Reference Stock
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Ticker
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Initial
Share
Price
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Reference Stock
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Ticker
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Initial
Share
Price
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Advanced Micro Devices, Inc.
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AMD
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$
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Mobileye Global Inc.
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MBLY
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$
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AeroVironment, Inc.
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AVAV
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$
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Meta Platforms, Inc.
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META
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$
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Cognex Corporation
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CGNX
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$
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Marvell Technology, Inc.
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MRVL
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$
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Cisco Systems Inc
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CSCO
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$
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Microsoft Corporation
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MSFT
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$
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Digital Realty Trust, Inc.
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DLR
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$
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NVIDIA Corporation
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NVDA
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$
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DexCom, Inc.
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DXCM
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$
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Palantir Technologies, Inc.
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PLTR
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$
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Equinix, Inc.
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EQIX
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$
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Insulet Corporation
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PODD
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$
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Alphabet Inc.
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GOOGL
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$
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Pure Storage, Inc.
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PSTG
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$
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Hewlett Packard Enterprise Company
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HPE
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$
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RadNet, Inc.
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RDNT
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$
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Intel Corporation
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INTC
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$
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Symbotic Inc.
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SYM
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$
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Final Share Price:
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For each Reference Stock, the closing price on the Valuation Date.
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Interest
Calculation
Dates and
Interest
Payment
Dates:
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Quarterly, on the following dates:
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Interest Calculation Dates
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Interest Payment Dates
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August 21, 2023
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August 24, 2023
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November 20, 2023
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November 24, 2023
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February 20, 2024
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February 23, 2024
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May 20, 2024
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May 23, 2024
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August 19, 2024
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August 22, 2024
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November 19, 2024
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November 22, 2024
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Calculation
of Interest Payments:
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The amount of each interest payment, if any, will depend upon the amount of dividends on each Reference Stock calculated during the Interest Calculation Period (as defined
below) preceding each Interest Payment Date, and will equal, for each $1,000 in principal amount, (a) the sum of the Dividend Amounts for each of the Reference Stocks multiplied by (b) the Participation Rate.
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Interest
Calculation
Period:
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The first Interest Calculation Period will commence on and exclude the Trade Date and end on and include the first Interest Calculation Date. Each subsequent Interest
Calculation Period will begin on the trading day following an Interest Calculation Date and end on the next Interest Calculation Date. The final Interest Calculation Period will end on the Valuation Date.
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Notes Linked to Raymond James Securities
Selections
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Dividend
Amount:
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For each Reference Stock, an amount in U.S. dollars equal to (a) $1,000 divided by the applicable Initial Share Price multiplied by (b) the applicable Reference Stock
Weighting multiplied by (c) 100% of the gross cash distributions (including ordinary and extraordinary dividends) per share of the Reference Stock declared by the applicable Reference Stock Issuer where the date that the applicable
Reference Stock has commenced trading ex-dividend on its primary U.S. securities exchange as to each relevant distribution occurs during the relevant Interest Calculation Period, determined as described in more detail in the section below,
“Description of the Notes — Interest Payments.” As to each Reference Stock Issuer that is organized (or becomes reorganized) outside of the U.S., the applicable Dividend Amount may be reduced as described in the section below, “Description
of the Notes—Interest Payments—Dividend Amount.”
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Calculation
Agent:
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RBC Capital Markets, LLC, our wholly-owned subsidiary (“RBCCM”)
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U.S. Tax
Treatment:
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By purchasing a Note, each holder agrees (in the absence of a change in law, an administrative determination or a judicial ruling to the contrary) to treat the Note as a
pre-paid contingent income-bearing cash-settled derivative contract for U.S. federal income tax purposes. However, the U.S. federal income tax consequences of your investment in the Notes are uncertain and the Internal Revenue Service could
assert that the Notes should be taxed in a manner that is different from that described in the preceding sentence. Please see the discussion in this pricing supplement under “Supplemental Discussion of U.S. Federal Income Tax Consequences”
and the discussion (including the opinion of Ashurst LLP, our special U.S. tax counsel) in the product prospectus supplement under “Supplemental Discussion of U.S. Federal Income Tax Consequences,” which apply to the Notes.
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Distribution:
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The Notes are not intended for purchase by any investor that is not a United States person, as that term is defined for U.S. federal income tax purposes, and no dealer may
make offers of the Notes to any such investor. Investors purchasing a Note will be required to certify their status as a United States person for U.S. federal income tax purposes by providing a duly completed and executed Internal Revenue
Service Form W-9.
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Secondary
Market:
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RBCCM (or one of its affiliates), though not obligated to do so, may maintain a secondary market in the Notes after the issue date. The
amount that you may receive upon sale of your Notes prior to maturity may be less than the principal amount of your Notes.
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Listing:
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The Notes will not be listed on any securities exchange.
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Clearance
and
Settlement:
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DTC global (including through its indirect participants Euroclear and Clearstream, Luxembourg as described under “Ownership and Book-Entry Issuance” in the prospectus).
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Terms Incorporated
in the Master Note:
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All of the terms appearing above the item captioned “Secondary Market” on pages P-2 to P-3 of this pricing supplement and the terms appearing under the captions “Description
of the Notes” below and “General Terms of the Notes” in the product prospectus supplement.
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Notes Linked to Raymond James Securities
Selections
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• |
Prospectus dated September 14, 2021:
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• |
Prospectus Supplement dated September 14, 2021:
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Product Prospectus Supplement ERN-ES-1 dated September 14, 2021:
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Notes Linked to Raymond James Securities
Selections
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Basket Level
Percentage
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Redemption Amount per $1,000 in
Principal Amount
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Percentage Gain (or Loss) per
$1,000 in Principal Amount
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140.00%
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$1,383.90
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38.39%
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130.00%
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$1,285.05
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28.51%
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120.00%
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$1,186.20
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18.62%
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110.00%
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$1,087.35
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8.73%
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101.17% (1)
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$1,000.00
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0.00%
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100.00%(2)
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$988.50
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-1.15%
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90.00%
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$889.65
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-11.04%
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80.00%
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$790.80
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-20.92%
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70.00%
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$691.95
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-30.81%
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60.00%
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$593.10
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-40.69%
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30.00%
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$296.55
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-70.35%
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10.00%
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$98.85
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-90.12%
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0.00%
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$0.00
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-100.00%
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Notes Linked to Raymond James Securities
Selections
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• |
You May Lose Some or All of the Principal Amount at Maturity –– The Notes do not guarantee any return of principal. The amount payable on the Notes at maturity will depend
on the performance of each of the Reference Stocks, and may be less, and possibly significantly less, than your initial investment. If the prices of some or all of the Reference Stocks decrease, the payment at maturity may be less than the
principal amount. In addition, because the Participation Rate is only 98.85%, the Basket Level Percentage must exceed approximately 101.17% in order for you to receive a Redemption Amount that exceeds the principal amount. You may lose all
or a substantial portion of the amount that you invested to purchase the Notes. You may incur a loss, even if the Basket Level Percentage is greater than 100% (but less than approximately 101.17%). Please also see “—The Notes Will Not
Reflect the Full Performance of the Reference Stocks, Which May Negatively Impact Your Return on the Notes.”
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The Notes May Not Pay Interest and Your Return May Be Lower than the Return on a Conventional Debt Security of Comparable Maturity –– There may be no periodic interest
payments on the Notes, and any such payments may be less than there would be on a conventional fixed-rate or floating-rate debt security having the same maturity. The amount of each interest payment, if any, will depend upon the Dividend
Amount of each Reference Stock during the Interest Calculation Period preceding each Interest Payment Date, as adjusted by the Participation Rate. The return that you will receive on the Notes, which could be negative, may be less than the
return you could earn on other investments. Your return may be less than the return you would earn if you purchased one of our conventional senior interest bearing debt securities.
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The Notes Will Not Reflect the Full Performance of the Reference Stocks, Which May Negatively Impact Your Return on the Notes –– Because
the calculation of the Redemption Amount includes a Participation Rate of less than 100%, the return, if any, on the Notes will not reflect the full performance of the Reference Stocks. Therefore, the yield to maturity based on the
methodology for calculating the Redemption Amount will be less than the yield that would be produced if the Reference Stocks were purchased and held for a similar period. The Basket Level Percentage must be at least approximately 101.17%
for the Redemption Amount to exceed the principal amount. In addition, because the Participation Rate is less than 100%, the interest payments you receive on the Notes will be less than the applicable Dividend Amounts.
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Any Increase in the Price of One or More Reference Stocks May Be Offset by Decreases in the Price of One or More Other Reference Stocks –– The price of one or more of the
Reference Stocks may increase while the price of one or more of the other Reference Stocks decreases. Therefore, in determining the value of the Basket at any time, including on the Valuation Date, increases in the price of one Reference
Stock may be moderated, or wholly offset, by decreases in the price of one or more other Reference Stocks.
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Payments on the Notes Are Subject to Our Credit Risk, and Changes in Our Credit Ratings Are Expected to Affect the Market Value of the Notes –– The Notes are our unsecured
debt securities. As a result, your receipt of any amounts due on the Notes is dependent upon our ability to repay our obligations on the applicable payment date. This will be the case even if the value of the Basket increases after the
Trade Date. No assurance can be given as to what our financial condition will be at maturity of the Notes.
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Owning the Notes Is Not the Same as Owning the Reference Stocks –– The return on your Notes is unlikely to reflect the return you would realize if you actually owned the
Reference Stocks. For example, although certain dividends on the Reference Stocks will be reflected in the interest payments on the Notes, they will be subject to and reduced by the Participation Rate and based upon the "Net Percentage" and
other amounts set forth below; accordingly, an investment in the Notes may return less than an actual investment in the Reference Stocks. As an
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Notes Linked to Raymond James Securities
Selections
|
• |
The Payments on the Notes Are Subject to Postponement Due to Market Disruption Events and Adjustments –– The payments on the Notes are subject to adjustment as described
in this document. For a description of what constitutes a market disruption event as well as the consequences of that market disruption event, see “Description of the Notes—Market Disruption Events” below.
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Significant Aspects of the Tax Treatment of the Notes Are Uncertain and Certain Aspects May Make the Notes Less Suitable for Certain Non-U.S. Investors –– The tax
treatment of the Notes is uncertain. We do not plan to request a ruling from the Internal Revenue Service or from any Canadian authorities regarding the tax treatment of the Notes, and the Internal Revenue Service or a court may not agree
with the tax treatment described in this pricing supplement. Although the U.S. federal income tax treatment of the interest payments is uncertain, we intend to take the position that such interest payments constitute taxable ordinary income
to a United States holder at the time received or accrued in accordance with the holder’s regular method of accounting.
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There May Not Be an Active Trading Market for the Notes—Sales in the Secondary Market May Result in Significant Losses –– There may be little or no secondary market for
the Notes. The Notes will not be listed on any securities exchange. RBCCM and our other affiliates may make a market for the Notes; however, they are not required to do so. RBCCM or any other affiliate of ours may stop any market-making
activities at any time. Even if a secondary market for the Notes develops, it may not provide significant liquidity or trade at prices advantageous to you. We expect that transaction costs in any secondary market would be high. As a result,
the difference between bid and asked prices for your Notes in any secondary market could be substantial.
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• |
The Market Value of the Notes May Be Influenced by Many Unpredictable Factors –– The following factors, many of which are beyond our control, may influence the market
value of the Notes:
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• |
the market prices of the Reference Stocks;
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• |
the dividend yields of the Reference Stocks;
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• |
economic, financial, political, military, regulatory, legal and other events that affect the securities markets generally, and which may affect the values of the Reference Stocks; and
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Notes Linked to Raymond James Securities
Selections
|
• |
interest rates in the market.
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• |
The Initial Estimated Value of the Notes Will Be Less than the Price to the Public –– The initial estimated value that will be set forth in the final pricing supplement
for the Notes does not represent a minimum price at which we, RBCCM or any of our affiliates would be willing to purchase the Notes in any secondary market (if any exists) at any time. If you attempt to sell the Notes prior to maturity,
their market value may be lower than the price you paid for them and the initial estimated value. This is due to, among other things, changes in the prices of the Reference Stocks, the borrowing rate we pay to issue securities of this kind,
and the inclusion in the price to the public of the licensing fee and the estimated costs relating to our hedging of the Notes. These factors, together with various credit, market and economic factors over the term of the Notes, are
expected to reduce the price at which you may be able to sell the Notes in any secondary market and will affect the value of the Notes in complex and unpredictable ways. Assuming no change in market conditions or any other relevant factors,
the price, if any, at which you may be able to sell your Notes prior to maturity may be less than your original purchase price, as any such sale price would not be expected to include the licensing fee or the hedging costs relating to the
Notes. In addition to bid-ask spreads, the value of the Notes determined by RBCCM for any secondary market price is expected to be based on the secondary rate rather than the internal funding rate used to price the Notes and determine the
initial estimated value. As a result, the secondary price will be less than if the internal funding rate was used. The Notes are not designed to be short-term trading instruments. Accordingly, you should be able and willing to hold your
Notes to maturity.
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• |
The Initial Estimated Value of the Notes that We Will Provide in the Final Pricing Supplement Will Be an Estimate Only, Calculated as of the Time the Terms of the Notes Are Set —
The initial estimated value of the Notes will be based on the value of our obligation to make the payments on the Notes, together with the mid-market value of the derivative embedded in the terms of the Notes. See "Structuring the
Notes" below. Our estimate will be based on a variety of assumptions, including our credit spreads, expectations as to dividends, interest rates and volatility, and the expected term of the Notes. These assumptions are based on certain
forecasts about future events, which may prove to be incorrect. Other entities may value the Notes or similar securities at a price that is significantly different than we do.
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• |
The Inclusion of the Reference Stocks in the Basket Does Not Guarantee a Positive Return –– The performance of the Reference Stocks may be less than the performance of the
equities markets generally, and less than the performance of the economic sectors represented by the Reference Stocks, or other securities in which you may choose to invest. Although Raymond James may have expressed a positive view as to
one or more of the Reference Stocks prior to the Trade Date, its views may have changed significantly prior to the Trade Date or may change significantly during the term of the Notes. In addition, any positive views of Raymond James’
research division is separate and apart from the offering of these Notes, and does not constitute investment advice. Our offering of the Notes does not constitute our recommendation or the recommendation of ours, Raymond James, or our
respective affiliates to invest in the Notes or in the Reference Stocks.
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• |
You Will Not Have Any Shareholder Rights and Will Have No Right to Receive Any Reference Stocks at Maturity –– Investing in the Notes will not make you a holder of any of
the Reference Stocks. Neither you nor any other holder or owner of the Notes will have any voting rights, any right to receive dividends or other distributions
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Notes Linked to Raymond James Securities
Selections
|
• |
Changes That Affect a Reference Stock May Affect the Market Value of the Notes and the Amount You Will Receive at Maturity –– Changes affecting a Reference Stock or a
Reference Stock Issuer, such as reorganizations or mergers, will be reflected in the price of that Reference Stock and therefore could affect the amount payable on your Notes at maturity and the market value of the Notes prior to maturity.
If these events occur, the Calculation Agent may, for example, adjust the applicable Initial Share Price. See “Description of the Notes—Anti-Dilution Adjustments.”
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• |
No Reference Stock Issuer Will Have any Role or Responsibilities with Respect to the Notes –– None of the Reference Stock Issuers will have authorized or approved the
Notes, or will be involved in this offering. No such company will have any financial or legal obligation with respect to the Notes or the amounts to be paid to you, including any obligation to take our needs or your needs into
consideration for any reason, including taking any corporate actions that might affect the value of the Reference Stocks or the Notes. No such company will receive any of the proceeds from any offering of the Notes. No Reference Stock
Issuer or any other company will be responsible for, or participate in, the determination or calculation of the Redemption Amount.
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• |
Neither We Nor Raymond James Control Any Reference Stock Issuer and Neither We Nor Raymond James Are Responsible for Any Disclosure Made by Any Other Company –– Neither we
nor Raymond James nor any of our respective affiliates have the ability to control the actions of any Reference Stock Issuer, nor do we assume any responsibility for the adequacy or accuracy of any publicly available information about any
of these companies, unless (and only to the extent that) our securities or the securities of our affiliates are represented by that Reference Stock. Neither we nor Raymond James are responsible for any other issuer’s public disclosure of
information on itself or any Reference Stock, whether contained in SEC filings or otherwise. Neither we nor Raymond James will perform any due diligence procedures with respect to the Reference Stock Issuers. You should make your own
investigation into the Reference Stock Issuers.
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• |
The Historical Performance of the Reference Stocks Should Not Be Taken as an Indication of Their Future Performance –– The Final Share Prices of the Reference Stocks will
be used to determine the Redemption Amount. The historical performance of the Reference Stocks does not necessarily give an indication of their future performance. As a result, it is impossible to predict whether the prices of the
Reference Stocks will rise or fall during the term of the Notes. The prices of the Reference Stocks will be influenced by complex and interrelated political, economic, financial and other factors.
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• |
Three of the Reference Stocks Have a Limited Trading History –– MBLY, PLTR and SYM commenced trading in October 2022, September 2020 and March 2021, respectively. Because
these Reference Stocks have a limited trading history, your investment in the Notes may involve a greater risk than investing in securities linked to only securities that have a more established record of performance.
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• |
You Will Have Limited Anti-Dilution Protection with Respect to the Reference Stocks –– The Calculation Agent will adjust the Initial Share Price of a Reference Stock for
stock splits, reverse stock splits, stock dividends and other events that affect the applicable issuer’s capital structure, but only in the situations we describe in “Description of the Notes—Anti-Dilution Adjustments” below, and in the
product prospectus supplement. The Calculation Agent will not be required to make an adjustment for every corporate event that may affect a Reference Stock. For example, the
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Notes Linked to Raymond James Securities
Selections
|
• |
Risks Related to Investing in Companies That Operate in the Artificial Intelligence and Technology Sectors –– Each of the Reference Stocks has certain operations relating
to the artificial intelligence sector or other sectors of the technology industry. These companies may have limited product lines, markets, financial resources or personnel. These companies typically face intense competition and
potentially rapid product obsolescence. These companies are also heavily dependent on intellectual property rights and may be adversely affected by loss or impairment of those rights. There can be no assurance these companies will be able
to successfully protect their intellectual property to prevent the misappropriation of their technology, or that competitors will not develop technology that is substantially similar or superior to such companies’ technology. Companies in
these sectors typically engage in significant amounts of spending on research and development, and there is no guarantee that the products or services produced by these companies will be successful. These companies are potential targets for
cyberattacks, which can have a materially adverse impact on the performance of these companies. These companies, especially smaller companies, tend to be more volatile than companies that do not rely heavily on technology. In addition, the
applicable technologies could face increasing regulatory scrutiny in the future, which may limit the development of this technology and impede the growth of companies that develop and/or utilize this technology. Similarly, the collection of
data from consumers and other sources could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. These companies face increased risk from trade agreements between countries that develop
these technologies and countries in which customers of these technologies are based. Lack of resolution or potential imposition of trade tariffs may hinder the companies’ ability to successfully deploy their inventories. The customers
and/or suppliers of the applicable technologies may be concentrated in a particular country, region or industry. Any adverse event affecting one of these countries, regions or industries could have a negative impact on the Reference
Stocks.
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• |
You Must Rely on Your Own Evaluation of the Merits of an Investment Linked to the Reference Stocks –– In the ordinary course of their business, RBCCM, Raymond James and
our respective affiliates may have expressed views on expected movements in any Reference Stock, and may do so in the future. These views or reports may be communicated to our clients, Raymond James’ clients, and clients of our respective
affiliates. However, these views are subject to change from time to time. Moreover, other professionals who transact business in markets relating to any Reference Stock may at any time have significantly different views from those of our
respective affiliates. For these reasons, you are encouraged to derive information concerning the Reference Stocks from multiple sources, and you should not rely solely on views expressed by us, Raymond James or our respective affiliates.
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• |
Our Trading and Other Transactions Relating to the Reference Stocks, Futures, Options or Other Derivative Products May Adversely Affect the Market Value of the Notes –– As
described under “Use of Proceeds and Hedging” in the product prospectus supplement, we or our affiliates may hedge our obligations under the Notes by purchasing or selling the Reference Stocks, futures or options relating to the Reference
Stocks, or other derivative instruments with returns linked or related to changes in the performance of the Reference Stocks. We may adjust these hedges by, among other things, purchasing or selling those assets at any time. Although they
are not expected to do so, any of these hedging activities may adversely affect the prices of the Reference Stocks, and therefore, the market value of the Notes, and the amount payable at maturity. It is possible that we or one or more of
our affiliates could receive substantial returns from these hedging activities, even though the market value of the Notes decreases.
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Notes Linked to Raymond James Securities
Selections
|
• |
Our Business Activities and the Business Activities of Our Affiliates May Create Conflicts of Interest –– As noted above, we, Raymond James, or one or more of our
respective affiliates expect to engage in trading activities related to the Reference Stocks that are not for the account of holders of the Notes or on their behalf. These trading activities may present a conflict between the holders’
interests in the Notes and the interests we, Raymond James and our respective affiliates will have in their proprietary accounts, in facilitating transactions, including options and other derivatives transactions, for their customers and in
accounts under their management. These trading activities, if they influence the prices of the Reference Stocks, could be adverse to the interests of the holders of the Notes. We, Raymond James, or one or more of our respective affiliates
may, at present or in the future, engage in business with the Reference Stock Issuers, including making loans to or providing advisory services to those companies. These services could include investment banking and merger and acquisition
advisory services. In providing these services, we or Raymond James may obtain confidential information about the Reference Stock Issuers, and we will be under no obligation to share this information with you. These activities may present
a conflict between our, Raymond James or one or more of our affiliates’ obligations and your interests as a holder of the Notes. Moreover, we, Raymond James and our respective affiliates have published, and in the future expect to publish,
research reports and other materials with respect to most or even all of the Reference Stocks. Our views are modified from time to time without notice and may express opinions or provide recommendations that are inconsistent with
purchasing or holding the Notes. Even if one of our affiliates or Raymond James expresses a negative opinion about one or more of the Reference Stocks, or if market conditions change, the composition of the Basket will not change during
the term of the Notes (except under the limited circumstances described below) and in the product prospectus supplement. Any of these activities by us, Raymond James or one or more of our respective affiliates may affect the prices of the
Reference Stocks and, therefore, the market value of the Notes.
|
• |
As Calculation Agent, RBCCM Will Have the Authority to Make Determinations That Could Affect the Value of the Notes and the Payment at Maturity –– As Calculation Agent for
your Notes, RBCCM will have discretion in making various determinations that affect your Notes, including determining the Initial Share Prices, the Final Share Prices, the Basket Level Percentage, the Redemption Amount, the amounts of any
interest payments on the Notes, and whether any market disruption event has occurred. The Calculation Agent also has discretion in making certain adjustments relating to mergers and certain other corporate transactions that a Reference
Stock Issuer may undertake. The exercise of this discretion by RBCCM could adversely affect the value of your Notes and may present RBCCM, which is our wholly-owned subsidiary, with a conflict of interest.
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Notes Linked to Raymond James Securities
Selections
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Notes Linked to Raymond James Securities
Selections
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Notes Linked to Raymond James Securities
Selections
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Notes Linked to Raymond James Securities
Selections
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Notes Linked to Raymond James Securities
Selections
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Notes Linked to Raymond James Securities
Selections
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Notes Linked to Raymond James Securities
Selections
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Notes Linked to Raymond James Securities
Selections
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Notes Linked to Raymond James Securities
Selections
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Notes Linked to Raymond James Securities
Selections
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