Royal Bank of Canada : Golden Credit Card Trust Monthly Noteholders Report (May 2025)

Published: 2025-06-12 11:18:11 ET RY.TO

Published on 06/12/2025 at 11:18

MONTHLY NOTEHOLDER'S REPORT OF GOLDEN CREDIT CARD TRUST

Canadian Dollars unless otherwise specified

With respect to the Series set forth below Royal Bank of Canada ("RBC"), as Servicer (the "Servicer") under the Pooling and Servicing Agreement, dated as of October 30, 2009 (as amended and restated, the "Pooling and Servicing Agreement") between the Servicer and Computershare Advantage Trust of Canada (formerly, BNY Trust Company of Canada(1)), as agent, nominee and bare trustee for and on behalf of the Seller, the Co-Owners and other Persons who from time to time are party to the Series Purchase Agreements, is required to prepare certain information each month regarding the distributions to the Noteholders and the performance of the custodial pool of credit card receivables during the previous month.

Capitalized terms used herein are defined in the Trust Indenture, the Supplemental Indentures, the applicable Series Purchase Agreement, and the Pooling and Servicing Agreement. The information required to be prepared with respect to the

Distribution Day and with respect to the performance of the custodial pool of credit card receivables during the month of the Determination Period that is set forth below and with respect to the payments, allocations and deposits made on the Distribution Day that is set forth below.

Outstanding Series on the Determination Day Series 2021-1

Series 2022-1

Series 2022-3

Determination Day: Determination Period:

Number of Days in Determination Period:

05/31/2025

May 2025

Series 2022-4 Distribution Day: 06/16/2025

Series 2023-1 Prior Determination Period: April 2025

(1)Computershare Trust Company of Canada acquired BNY Trust Company of Canada on March 3, 2025 and upon closing changed its name to Computershare Advantage Trust of Canada.

Note:

On February 28, 2025, CIBC Mellon Trust Company resigned and BNY Trust Company of Canada was appointed as Indenture Trustee. Computershare Trust Company of Canada acquired BNY Trust Company of Canada on March 3, 2025 and upon closing changed its name to Computershare Advantage Trust of Canada.

MONTHLY NOTEHOLDER'S REPORT OF GOLDEN CREDIT CARD TRUST

Canadian Dollars unless otherwise specified

Series 2021-1

Series 2022-1

Series 2022-3

Series 2022-4

Series 2023-1

Initial Note Balance in Original Currency Class A

US$1,000,000,000.00

US$500,000,000.00

US$1,000,000,000.00

US$800,000,000.00

US$1,000,000,000.00

Class B

US$48,129,000.00

US$24,064,000.00

US$46,639,000.00

(1)

US$37,027,000.00

(3)

US$47,813,000.00

(5)

Class C

US$21,391,000.00

US$10,696,000.00

US$20,728,000.00

(2)

US$16,453,000.00

(4)

US$21,250,000.00

(6)

% (CAD)

Class A

93.5%

Class B

4.5%

Class C

2.0%

Swap Notional if applicable

Class A

$1,260,000,000.00

$635,900,000.00

$1,315,000,000.00

$1,044,000,000.00

$1,348,100,000.00

Class B

$60,642,540.00

$30,604,595.20

$63,288,770.00

$50,246,000.00

$64,882,000.00

Class C

$26,952,660.00

$13,603,172.80

$28,128,342.00

$22,332,000.00

$28,837,000.00

Note Coupon rate

Class A

1.14000%

1.97000%

SOFR + 120 bps

4.31000%

SOFR + 120 bps

Class B

1.44000%

2.36000%

6.86000%

6.77000%

6.35000%

Class C

1.74000%

2.66000%

8.00000%

7.93000%

7.66000%

Note Coupon Payment Frequency

Class A

Monthly

Class B

Monthly

Class C

Monthly

Swap pay rate if applicable

Class A

1.41200%

2.29000%

4.40000%

4.40600%

4.06200%

Class B

1.71400%

2.66400%

5.79300%

5.51000%

5.57500%

Class C

2.01600%

2.96400%

6.84300%

6.51000%

6.82500%

Series Issuance Date

09/01/2021

02/03/2022

07/22/2022

09/16/2022

04/14/2023

Expected Final Payment Date

08/17/2026

01/15/2027

07/16/2029

09/15/2025

04/17/2028

Prescription Date (legal final)

08/15/2028

01/15/2029

07/15/2031

09/15/2027

04/15/2030

Series 2021-1

Series 2022-1

Series 2022-3

Series 2022-4

Series 2023-1

Beginning Note Principal Amount in Original

Currency

Class A

US$1,000,000,000.00

US$500,000,000.00

US$1,000,000,000.00

US$800,000,000.00

US$1,000,000,000.00

Class B

US$48,129,000.00

US$24,064,000.00

US$46,639,000.00

US$37,027,000.00

US$47,813,000.00

Class C

US$21,391,000.00

US$10,696,000.00

US$20,728,000.00

US$16,453,000.00

US$21,250,000.00

Ending Note Principal Amount in Original Currency

Class A

US$1,000,000,000.00

US$500,000,000.00

US$1,000,000,000.00

US$800,000,000.00

US$1,000,000,000.00

Class B

US$48,129,000.00

US$24,064,000.00

US$46,639,000.00

US$37,027,000.00

US$47,813,000.00

Class C

US$21,391,000.00

US$10,696,000.00

US$20,728,000.00

US$16,453,000.00

US$21,250,000.00

Notes:

USD 46,639,000 Class B notes converted from CAD to USD and issued on December 15, 2023.

USD 20,728,000 Class C notes converted from CAD to USD and issued on December 15, 2023.

USD 37,027,000 Class B notes converted from CAD to USD and issued on December 15, 2023.

USD 16,453,000 Class C notes converted from CAD to USD and issued on December 15, 2023.

USD 47,813,000 Class B notes converted from CAD to USD and issued on December 15, 2023.

USD 21,250,000 Class C notes converted from CAD to USD and issued on December 15, 2023.

MONTHLY NOTEHOLDER'S REPORT OF GOLDEN CREDIT CARD TRUST

Series 2021-1

Series 2022-1

Series 2022-3

Series 2022-4

Series 2023-1

Remaining Months until Expected Final Payment Date

Beginning Invested Amount

$1,347,595,200.00

$680,107,768.00

$1,406,417,112.00

$1,116,578,000.00

$1,441,819,000.00

Uncovered Loss & Deficiency

$0.00

Deposit in reduction of Invested Amount

$0.00

Ending Invested Amount

$1,347,595,200.00

$680,107,768.00

$1,406,417,112.00

$1,116,578,000.00

$1,441,819,000.00

Floating Allocation Percentage

9.97%

5.03%

10.41%

8.26%

10.67%

Series Share

9.97%

5.03%

10.41%

8.26%

10.67%

Series Allocation Percentage

22.49%

11.35%

23.47%

18.63%

24.06%

IV. SERIES ACCOUNT BALANCES

Series 2021-1

Series 2022-1

Series 2022-3

Series 2022-4

Series 2023-1

1) Distribution Account Beginning Balance

$978.66

$619.63

$1,926.71

$1,526.44

$1,876.72

Deposit

$3,230,709.68

$2,630,756.56

$10,575,462.09

$8,370,389.27

$10,057,963.53

Withdraw

-$3,230,803.50

-$2,630,888.69

-$10,576,170.69

-$8,370,949.66

-$10,058,623.52

Ending Balance

$884.84

$487.50

$1,218.11

$966.05

$1,216.73

2) Reserve Account Begininng Balance

$0.00

Deposit

$0.00

$8,374,335.00

$0.00

Withdraw

$0.00

Interest Income

$0.00

Ending Balance

$0.00

$8,374,335.00

$0.00

V. KEY PORTFOLIO PERFORMANCE STATISTICS

Series 2021-1

Series 2022-1

Series 2022-3

Series 2022-4

Series 2023-1

Portfolio Yield

26.32%

Yield on Eligible Investments

0.00%

Blended Coupon and Additional Funding Expenses

1.45%

2.33%

4.52%

4.51%

4.20%

Net Written-off Percentage (net of Recoveries)

2.73%

SERIES EXCESS SPREAD %

Series Income Share

$30,271,100.45

$15,277,295.86

$31,592,420.09

$25,081,749.16

$32,387,654.50

Funding Costs

$1,614,362.99

$1,314,942.03

$5,287,159.24

$4,184,739.01

$5,028,345.15

Additional Funding Expenses

$15,253.14

$7,697.99

$15,918.93

$12,638.30

$16,319.64

Series Pool Losses

$3,784,871.33

$1,910,158.47

$3,950,079.22

$3,136,033.77

$4,049,509.37

Excess Series Income Share

$24,856,612.99

$12,044,497.36

$22,339,262.70

$17,748,338.08

$23,293,480.34

Invested Amount

$1,347,595,200.00

$680,107,768.00

$1,406,417,112.00

$1,116,578,000.00

$1,441,819,000.00

Series Excess Spread % - Current Determination Period

22.13%

21.25%

19.06%

19.07%

19.39%

Series Excess Spread % - Prior Determination Period

20.71%

19.83%

17.64%

17.66%

17.97%

Series Excess Spread % - 2nd prior Determination Period

23.27%

22.39%

20.19%

20.21%

20.52%

Series Excess Spread % - 3 month average

22.04%

21.16%

18.96%

18.98%

19.29%

Excess of Series Income Share over Funding Costs and other series allocable expenses

3 month average

$22,503,408.93

$10,856,949.54

$19,883,869.49

$15,798,958.59

$20,776,223.42

Test if >0 in compliance?

Yes

MONTHLY NOTEHOLDER'S REPORT OF GOLDEN CREDIT CARD TRUST

POOL BALANCE ROLLFORWARD:

Number of Accounts

(1)

Beginning Pool Balance

$13,515,333,891.92

10,011,563

(2)

Principal Receivables billed

$8,298,806,956.54

(3)

Miscellaneous debits & debit adjustments

$20,840,718.15

(4)

Principal Receivables balance in added Accounts at beginning of Determination Day

$0.00

(5)

Principal Receivables balance of Removed Accounts

$0.00

(6)

Total payments of Principal Receivables (net of Recoveries)

$7,922,905,990.26

(7)

Written-off Amounts in respect of Principal (i.e. charge-offs)

$37,959,321.69

(8)

Miscellaneous credits & credit adjustments

$282,456,809.65

(1)+(2)+(3)+(4)-(5)-(6)-(7)-(8)

Ending Pool Balance

$13,591,659,445.01

10,032,685

COLLECTIONS:

(1)

Recoveries

$7,213,807.11

(2)

Collections of Principal Receivables

$7,922,905,990.26

(3)

Collections of Finance Charge Receivables (net of Recoveries)

$296,381,834.68

(1)+(2)+(3)

Total Collections

$8,226,501,632.05

Monthly Payment Rate current Determination Period

(Total Collections net of Recoveries as % of Beginning Pool Balance)

60.87%

Monthly Payment Rate prior Determination Period

57.29%

Monthly Payment Rate second prior Determination Period

59.12%

Average latest three Determination Periods Test: Average Payment Rate > or = 10.00% In compliance? (Yes/No)

If No, then Amortization Event

59.09%

Yes

Portfolio Yield current Determination Period

26.32%

(Finance Charge Collections net of Recoveries as % of Beginning Pool Balance)

Portfolio Yield prior Determination Period

25.09%

Portfolio Yield second prior Determination Period

27.10%

Average latest three Determination Periods

26.17%

DELINQUENCIES:

Total Receivables

% of Total Receivables

Number of Accounts

% of Accounts

31-60 days delinquent

$102,188,862

0.75%

11,105

0.11%

61-90 days delinquent

$76,838,274

0.56%

6,628

0.07%

91-120 days delinquent

$50,464,627

0.37%

4,032

0.04%

121-150 days delinquent

$31,533,163

0.23%

2,652

0.03%

> 150 days delinquent

$25,661,459

0.18%

1,813

0.02%

Total

$286,686,385

2.09%

26,230

0.27%

Canadian Dollars unless otherwise specified

WRITTEN-OFF AMOUNTS:

Written-off Amounts (i.e. charge-offs)

$37,959,321.69

Recoveries

$7,213,807.11

Net Written-off Amounts

$30,745,514.58

Written-off percentage (annualized)

3.37%

Recovery percentage (annualized)

0.64%

Net Written-off percentage (annualized)

2.73%

Number of Written-off Accounts

2,491

RETAINED INTEREST:

(1) Total Invested Amount

$5,992,517,080.00

(2) Required Pool Percentage

107%

(1)x(2)=(3) Required Pool Balance

$6,411,993,275.60

(4)

$13,591,659,445.01

(4)/(1)=(5) Pool Percentage

Test: Ending Pool Balance >= Required Pool Balance In compliance? (Yes/No)

227%

Yes

(1) Pool Balance

100.00%

$13,591,659,445.01

(2) Total Invested Amount 44.09% $5,992,517,080.00

(1)-(2)

Retained Interest

55.91%

$7,599,142,365.01

(1)

Retained Interest

$7,599,142,365.01

(2)

Aggregate Principal Amount of Notes (CAD Equivalent)

$5,992,517,080.00

(1)/(2)=(3)

Seller's Interest Percentage

126.81%

No Activity to Report

Filing Date: February 13, 2025

Disclaimer

RBC - Royal Bank of Canada published this content on June 12, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on June 12, 2025 at 15:17 UTC.