Royal Bank of Canada filed a free writing prospectus on October 30, 2026, disclosing the term sheet for Market Linked Securities auto-callable with leveraged upside participation and a fixed percentage buffered downside, linked to the EURO STOXX 50 Index and due November 29, 2029.

Key Highlights

  • Face Amount: $1,000 per security, in denominations of $1,000 and any integral multiple of $1,000.
  • Call Premium: At least 12.40% of the face amount, to be determined on the pricing date of November 24, 2026.
  • Upside Participation Rate: 150% of the Index return if the securities are not automatically called and the ending value exceeds the starting value.
  • Buffer Amount: 15%, with a threshold value set at 85% of the starting value; if the ending value falls below the threshold, investors face up to 85% loss of face amount.
  • Initial Estimated Value: Expected to be between $912.50 and $962.50 per security, which the filing states will be less than the original offering price.
  • Agent Discount: Up to 2.575%, with dealers using the Wells Fargo Advisors trade name eligible to receive a selling concession of up to 2.00% and a distribution expense fee of 0.075%.
  • CUSIP: 78018DP92, with the calculation agent identified as RBC Capital Markets, LLC, an affiliate of the issuer.

Royal Bank of Canada's Auto-Callable EURO STOXX 50 Linked Securities: Structure and Key Terms

According to the term sheet filed October 30, 2026, Royal Bank of Canada is offering Market Linked Securities linked to the EURO STOXX 50 Index, with a stated maturity date of November 29, 2029. The pricing date is set for November 24, 2026, and the issue date for November 30, 2026. The securities carry a single call date of November 30, 2027, with a call settlement date three business days after that date. If the closing value of the Index on the call date is greater than or equal to the starting value, the filing states, the securities will be automatically called and holders will receive the face amount plus the call premium of at least 12.40%.

If the securities are not automatically called and the ending value exceeds the starting value at maturity, the filing discloses that holders receive $1,000 plus $1,000 multiplied by the index return multiplied by the 150% upside participation rate. If the ending value is at or below the starting value but at or above the threshold value (85% of the starting value), holders receive $1,000. The filing explicitly warns: "if the ending value is less than the threshold value, you will have 1-to-1 downside exposure to the decrease in the value of the Index in excess of the buffer amount and will lose up to 85% of the face amount of your securities at maturity."

The filing notes that the initial estimated value is expected to be between $912.50 and $962.50 per security and "will be less than the original offering price of the securities." The filing also states that the securities do not pay interest, are not bank deposits, and are not insured or guaranteed by the FDIC or any other governmental agency. Payments on the securities are described as subject to Royal Bank of Canada's credit risk. The filing was made pursuant to Rule 433 under Registration Statement No. 333-275898.

What Was Disclosed

Royal Bank of Canada disclosed the full term sheet for auto-callable market linked securities tied to the EURO STOXX 50 Index, covering the call structure, maturity payoff scenarios, buffer provisions, estimated initial value range, agent discounts, and selected risk considerations for securities due November 29, 2029.