Royal Bank of Canada filed a free writing prospectus on November 3, 2026, disclosing terms for Auto-Callable Contingent Coupon Barrier Notes linked to three equity index underliers, with a scheduled maturity of November 21, 2030.

Key Highlights

  • Issuer: Royal Bank of Canada ("RBC"), listed on NYSE:RY, with CUSIP 78018DQQ3
  • Underliers: The Russell 2000 Index (RTY), S&P 500 Index (SPX), and EURO STOXX 50 Index (SX5E)
  • Contingent Coupon: At least $22.50 per $1,000 principal amount per quarter, corresponding to at least 9.00% per annum, if all underliers are at or above 70% of their initial values on each observation date
  • Barrier and Coupon Threshold: 70% of the Initial Underlier Value for each of the three underliers
  • Auto-Call: Quarterly, beginning approximately one year after the Trade Date of November 16, 2026, if all underliers close at or above their Initial Underlier Values
  • Initial Estimated Value: Expected to be between $890.00 and $940.00 per $1,000 principal amount, less than the public offering price
  • Principal Risk: If not called and the least performing underlier finishes below its Barrier Value, investors lose 1% of principal for each 1% decline below its Initial Underlier Value

Structure and Payment Terms of RBC's November 2026 Barrier Notes

According to the filing, Royal Bank of Canada is offering Auto-Callable Contingent Coupon Barrier Notes with a Trade Date of November 16, 2026, an Issue Date of November 19, 2026, a Valuation Date of November 18, 2030, and a Maturity Date of November 21, 2030. The notes are tied to the least performing of the three underliers: the Russell 2000 Index, the S&P 500 Index, and the EURO STOXX 50 Index. RBC, as Canada's largest bank by market capitalization and a global financial institution, is the sole obligor, meaning all payments depend on its credit.

The filing states that contingent coupons of at least $22.50 per $1,000 principal amount per quarter (at least 9.00% per annum) are payable only if, on each quarterly Coupon Observation Date, every underlier closes at or above 70% of its Initial Underlier Value. If any single underlier falls below that threshold on an observation date, no coupon is paid for that period. The notes may be automatically called beginning approximately one year after the Trade Date if all three underliers are at or above their respective Initial Underlier Values on a quarterly Call Observation Date, returning $1,000 plus any coupon then due.

The filing discloses that if the notes are not called and the least performing underlier's Final Underlier Value is below its Barrier Value of 70% of its Initial Underlier Value at maturity, investors receive $1,000 plus ($1,000 multiplied by the Underlier Return of the least performing underlier), which the filing notes could result in loss of "a substantial portion or all" of principal. The filing also states that the initial estimated value of the notes is expected to be between $890.00 and $940.00 per $1,000 principal amount, and will be less than the public offering price. The registration statement was filed under No. 333-275898 pursuant to Rule 433.

What Was Disclosed

Royal Bank of Canada disclosed a free writing prospectus for structured notes due November 21, 2030, linked to three equity indexes. Key terms include quarterly contingent coupons of at least 9.00% per annum, a 70% barrier threshold, and an initial estimated value between $890.00 and $940.00 per $1,000 principal amount.