加拿大皇家银行美股招股说明书(2025-05-15版)

The information in this preliminary pricing supplement is not complete and may be changed. Pricing Supplement dated May __, 2025 to the Prospectusdated December 20, 2023, the Prospectus Supplement Royal Bank of Canada is offering the Redeemable Fixed Rate Notes (the “Notes”) described below.The Notes will accrue interest at the rate of 5.75% per annum, payable semiannually. We may redeem the Notes in whole, but not in part, as described under “Key Terms” below. Any payments on the Notes are subject to our credit risk.The Notes will not be listed on any securities exchange.The Notes are bail-inable notes (as defined in the accompanying prospectus supplement) and are subject toconversion in whole or in part—by means of a transaction or series of transactions and in one or more steps—into CUSIP:78014RA83Investing in the Notes involves a number of risks. See “Selected Risk Considerations” beginning on page P-4 of this pricing supplement and “Risk Factors” in the accompanying prospectus, prospectus supplement andproduct supplement.None of the Securities and Exchange Commission (the “SEC”), any state securities commission or any other regulatorybody has approved or disapproved of the Notes or passed upon the adequacy or accuracy of this pricing supplement. Anyrepresentation to the contrary is a criminal offense. The Notes will not constitute deposits insured by the Canada DepositInsurance Corporation, the U.S. Federal Deposit Insurance Corporation or any other Canadian or U.S. governmental RBC Capital Markets, LLC will purchase the Notes from us on the Issue Date at purchase prices between $970.00 and $1,000.00 per $1,000 principal amount of Notes, and will pay all or a portion of its underwriting discount of up to $30.00per $1,000 principal amount of Notes to certain selected broker-dealers as a selling concession. Certain dealers who purchase the Notes for sale to certain fee-based advisory accounts and/or eligible institutional investors may forgo someor all of their selling concessions, fees or commissions. The public offering price for investors purchasing the Notes inthese accounts and/or for an eligible institutional investor may be as low as $970.00 per $1,000 principal amount of Notes.See “Supplemental Plan of Distribution (Conflicts of Interest)” below. The information in this “Key Terms” section is qualified by any more detailed information set forth in this pricingsupplement and in the accompanying prospectus, prospectus supplement and product supplement.Royal Bank of CanadaUnderwriter:RBC Capital Markets, LLC (“RBCCM”)Minimum Investment:$1,000 and minimum denominations of $1,000 in excess thereof business day, interest will be paid on the next business day, without adjustment, and noadditional interest will be paid in respect of the postponement. If the Notes are not redeemed at our option, we will pay you the principal amount, togetherwith the applicable interest payment, on the Maturity Date. Redemption:The Notes are redeemable at our option, in whole, but not in part, on any Call Date upon 10business days’ prior written notice. If we redeem the Notes, we will pay you the principalamount, together with the applicable interest payment, on the relevant Call Date. No furtherpayments will be made on the Notes. You should read this pricing supplement together with the prospectus dated December 20, 2023, as supplemented by the these documents, contains the terms of the Notes and supersedes all other prior or contemporaneous oral statements aswell as any other written materials, including preliminary or indicative pricing terms, correspondence, trade ideas, We have not authorized anyone to provide any information or to make any representations other than those contained or incorporated by reference in this pricing supplement and the documents listed below. We take no responsibility for, andcan provide no assurance as to the reliability of, any other information that others may give you. These documents are an information contained in each such document is current only as of its date.If the information in this pricing supplement differs from the information contained in the documents listed below, youshould rely on the information in this pricing supplement. You may access these documents on the SEC website at www.sec.gov as follows (or if such address has changed, byreviewing our filings for the relevant date on the SEC website): Prospectus Supplement dated December 20, 2023:https://www.sec.gov/Archives/edgar/data/1000275/000119312523299523/d638227d424b3.htm Product Supplement No. 1A dated May 16, 2024:https://www.sec.gov/Archives/edgar/data/1000275/000095010324006777/dp211286_424b2-ps1a.htmOur Central Index Key, or CIK, on the SEC website is 1000275. As used in this pricing supplement, “Royal Bank of RBC Capital Markets, LLC investment, legal, tax, accounting and other advisers before you invest in the Notes. Some of the risks that apply to aninvestment in the Notes are summarized