Royal Bank of Canada filed a free writing prospectus on November 3, 2026, disclosing terms for Auto-Callable Contingent Coupon Barrier Notes with Memory Coupon linked to the common stock of ServiceNow, Inc., due November 21, 2029.

Key Highlights

  • Issuer and CUSIP: Royal Bank of Canada ("RBC"), CUSIP 78018DQ91, filed under Registration Statement No. 333-275898.
  • Underlier: The common stock of ServiceNow, Inc. (Bloomberg symbol "NOW UN"), with a Trade Date of November 16, 2026, and Maturity Date of November 21, 2029.
  • Contingent Coupon: If payable, at least $30.625 per $1,000 principal amount, corresponding to a rate of at least 3.0625% per quarter or at least 12.25% per annum, to be determined on the Trade Date.
  • Coupon Threshold and Barrier Value: Both set at 50% of the Initial Underlier Value.
  • Auto-Call Feature: Notes are automatically called at 100% of principal plus any due coupons if the Underlier closes at or above the Initial Underlier Value on any quarterly Call Observation Date beginning approximately six months after the Trade Date.
  • Initial Estimated Value: Expected to be between $910.68 and $960.68 per $1,000 principal amount, which the filing states will be less than the public offering price.
  • Principal Risk at Maturity: If not called and the Final Underlier Value is below the Barrier Value, investors lose 1% of principal for each 1% the Final Underlier Value is below the Initial Underlier Value.

Royal Bank of Canada's Structured Note Terms Linked to ServiceNow Stock

According to the filing, Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes with a Memory Coupon feature, linked to the common stock of ServiceNow, Inc. The notes carry a Trade Date of November 16, 2026, an Issue Date of November 19, 2026, a Valuation Date of November 16, 2029, and a Maturity Date of November 21, 2029. Coupon Observation Dates and Coupon Payment Dates are both quarterly.

The filing describes the Memory Coupon feature: if a Contingent Coupon is not payable on a given Coupon Payment Date because the Underlier's closing value is below the Coupon Threshold, that coupon may still be paid on a later Coupon Payment Date on which a coupon is otherwise payable. The filing notes that investors "may not receive any Contingent Coupons during the term of the Notes." The Coupon Threshold is set at 50% of the Initial Underlier Value, which is also the Barrier Value used to assess principal protection at maturity.

At maturity, if the Notes have not been called and the Final Underlier Value equals or exceeds the Barrier Value, investors receive $1,000 per $1,000 principal amount plus any due coupons. If the Final Underlier Value falls below the Barrier Value, investors receive $1,000 plus ($1,000 multiplied by the Underlier Return), where the Underlier Return equals the Final Underlier Value minus the Initial Underlier Value divided by the Initial Underlier Value. The filing states that under this scenario investors "will lose a substantial portion or all of your principal amount at maturity." The filing further discloses that the initial estimated value is expected to be between $910.68 and $960.68 per $1,000 principal amount, and is described as only an estimate calculated as of the Trade Date.

What Was Disclosed

Royal Bank of Canada disclosed the full preliminary terms of structured notes linked to ServiceNow common stock, including coupon mechanics, auto-call conditions, barrier levels, maturity payoff structure, and an initial estimated value range of $910.68 to $960.68 per $1,000 principal amount.