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

Key Highlights

  • Issuer and CUSIP: Royal Bank of Canada ("RBC") is the issuer; the CUSIP is 78018DQ34.
  • Underlier: The notes are linked to the common stock of Broadcom Inc. (Bloomberg symbol "AVGO UW").
  • Contingent Coupon: If payable, at least $27.50 per $1,000 principal amount of notes, corresponding to a rate of at least 2.75% per quarter or at least 11.00% per annum, to be determined on the Trade Date (November 16, 2026).
  • Coupon Threshold and Barrier Value: Both are set at 55% of the Initial Underlier Value.
  • Call Feature: Notes may be automatically called at 100% of principal beginning approximately six months after the Trade Date if the underlier closes at or above the Initial Underlier Value on a quarterly Call Observation Date.
  • Initial Estimated Value: Expected to be between $909.60 and $959.60 per $1,000 principal amount of notes, which will be less than the public offering price.
  • Principal Risk: According to the filing, if the Final Underlier Value is less than the Barrier Value at maturity, investors "will lose a substantial portion or all of your principal amount at maturity."

Structure and Terms of RBC's Broadcom-Linked Barrier Notes

According to the filing, 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. The filing was made pursuant to Rule 433 under Registration Statement No. 333-275898. The notes are structured so that investors may receive a quarterly Contingent Coupon if, on the immediately preceding Coupon Observation Date, the closing value of the Broadcom common stock is greater than or equal to the Coupon Threshold, which the filing sets at 55% of the Initial Underlier Value.

The filing describes a Memory Coupon feature: any Contingent Coupon not paid on a given Coupon Payment Date may be paid on a later date, but only if a Contingent Coupon is payable on that later date. The filing cautions that investors "may not receive any Contingent Coupons during the term of the Notes." At maturity, if the notes have not been called and the Final Underlier Value is at or above the Barrier Value (55% of Initial Underlier Value), investors receive their $1,000 principal plus any due coupons. If the Final Underlier Value is below the Barrier Value, the filing states investors will lose 1% of principal for each 1% by which the Final Underlier Value is less than the Initial Underlier Value.

The filing notes that the initial estimated value is only an estimate calculated as of the Trade Date and will be less than the public offering price. It further discloses that payments on the notes are subject to RBC's credit risk, that there may not be an active trading market for the notes, and that U.S. federal income tax consequences are uncertain. The filing identifies RBCCM (RBC Capital Markets) as the Calculation Agent and notes that this role "may create conflicts of interest."

What Was Disclosed

Royal Bank of Canada filed a free writing prospectus disclosing the key terms, coupon structure, call mechanics, barrier provisions, risk considerations, and initial estimated value range for Auto-Callable Contingent Coupon Barrier Notes linked to Broadcom Inc. common stock, due November 21, 2029.