Royal Bank of Canada filed a free writing prospectus on November 4, 2026, disclosing terms for Enhanced Return Notes linked to a basket of five international equity indices, with a maturity date of November 28, 2031.

Key Highlights

  • Five-index basket: The notes are linked to the EURO STOXX 50 (40%), Nikkei 225 (25%), FTSE 100 (17.50%), Swiss Market Index (10%), and S&P/ASX 200 (7.50%).
  • Participation rate: At least 110% of the Basket Return, to be set on the Trade Date of November 25, 2026.
  • Principal protection on the downside: If the Final Basket Value is less than or equal to the Initial Basket Value, investors receive only their $1,000 principal per note, with no additional return.
  • No interest payments: According to the filing, the notes do not pay interest.
  • Initial estimated value: The filing states the initial estimated value is expected to be between $890.00 and $940.00 per $1,000 principal amount, which "will be less than the public offering price."
  • CUSIP and registration: The notes carry CUSIP 78018DPR2 and are filed under Registration Statement No. 333-275898 pursuant to Rule 433.
  • Maturity and valuation dates: The Valuation Date is November 25, 2031, and the Maturity Date is November 28, 2031.

Terms and Structure of the Royal Bank of Canada Five-Index Basket Notes

Royal Bank of Canada ("RBC"), identified as the issuer, disclosed the terms of Enhanced Return Notes linked to a weighted basket of five international equity indices. The Trade Date is November 25, 2026, the Issue Date is November 30, 2026, and the notes mature on November 28, 2031. The Initial Basket Value is set equal to 100 on the Trade Date, and the Final Basket Value is calculated on the Valuation Date of November 25, 2031.

According to the filing, payment at maturity is determined by comparing the Final Basket Value to the Initial Basket Value. If the Final Basket Value is greater than the Initial Basket Value, investors receive $1,000 plus the product of $1,000, the Basket Return, and the Participation Rate (at least 110%). If the Final Basket Value is less than or equal to the Initial Basket Value, investors receive only $1,000 per note. The Basket Return is defined as the difference between the Final Basket Value and the Initial Basket Value, divided by the Initial Basket Value.

The filing lists several risk considerations, including that "The Initial Estimated Value of the Notes Will Be Less Than the Public Offering Price," that payments are subject to RBC's credit risk, that there may not be an active secondary trading market, and that the notes do not provide direct exposure to exchange rate fluctuations between the U.S. dollar and the non-U.S. currencies in which the basket underliers' securities trade. The filing urges investors to review the accompanying preliminary pricing supplement and related documents before investing.

What Was Disclosed

Royal Bank of Canada filed a free writing prospectus describing Enhanced Return Notes (CUSIP 78018DPR2) linked to a five-index international basket, maturing November 28, 2031, with a participation rate of at least 110% and an initial estimated value of $890.00 to $940.00 per $1,000 note.