Filed Pursuant to Rule 433
Registration Statement No. 333-259205

CAPPED LEVERAGED INDEX RETURN NOTES® (CAPPED LIRNs®)

Capped LIRNs® Linked to an International Equity Index Basket
 
Issuer
Royal Bank of Canada (“RBC”)
  
 
Principal Amount
$10.00 per unit
  
 
Term
Approximately two years
  
 
Market Measure
An international equity index basket comprised of the EURO STOXX 50® Index (Bloomberg symbol: “SX5E”), the FTSE® 100 Index (Bloomberg symbol: “UKX”), the Nikkei Stock Average (Bloomberg symbol: “NKY”), the Swiss Market Index (Bloomberg symbol: “SMI”), the S&P/ASX 200 Index (Bloomberg symbol: “AS51”) and the FTSE® China 50 Index (Bloomberg symbol: “XIN0I”). The EURO STOXX 50® Index will be given an initial weight of 40.00%, each of the FTSE® 100 Index and the Nikkei Stock Average will be given an initial weight of 20.00%, each of the Swiss Market Index and the S&P/ASX 200 Index will be given an initial weight of 7.50%, and the FTSE® China 50 Index will be given an initial weight of 5.00%.
  
 
Payout Profile at
Maturity
•  2-to-1 upside exposure to increases in the Market Measure, subject to the Capped Value
•   1-to-1 downside exposure to decreases in the Market Measure beyond a 10.00% decline, with up to 90.00% of your principal at risk
  
 
Capped Value
[$12.40 to $12.80] per unit, a [24.00% to 28.00%] return over the principal amount, to be determined on the pricing date.
  
 
Threshold Value
90.00% of the Starting Value of the Market Measure
  
 
Investment
Considerations
This investment is designed for investors who anticipate that the Market Measure will increase moderately over the term of the notes, and are willing to accept a capped return, take downside risk below a threshold and forgo interim interest payments.
  
 
Preliminary
Offering Documents
 https://www.sec.gov/Archives/edgar/data/1000275/000114036122035505/brhc10042492_fwp.htm
  
 
Exchange Listing
No
  
You should read the relevant Preliminary Offering Documents before you invest. Click on the Preliminary Offering Documents hyperlink above or call your Financial Advisor for a hard copy.
Risk Factors
Please see the Preliminary Offering Documents for a description of certain risks related to this investment, including, but not limited to, the following:

 •
Depending on the performance of the Market Measure as measured shortly before the maturity date, your investment may result in a loss; there is no guaranteed return of principal.

•
Payments on the notes, including repayment of principal, are subject to the credit risk of RBC. If RBC becomes insolvent or is unable to pay its obligations, you may lose your entire investment.

•
Your investment return is limited to the return represented by the Capped Value and may be less than a comparable investment directly in the stocks included in the Basket Components.

•
Changes in the level of one Basket Component may be offset by changes in the level of the other Basket Components.

•
The initial estimated value of the notes on the pricing date will be less than their public offering price.

•
If you attempt to sell the notes prior to maturity, their market value may be lower than both the public offering price and the initial estimated value of the notes on the pricing date.

•
You will have no rights of a holder of the securities represented by the Basket Components, and you will not be entitled to receive securities or dividends or other distributions by the issuers of those securities.

•
RBC, MLPF&S, BofAS and their respective affiliates do not control any company included in the Basket Components, and have not verified any disclosure made by any other company.

•
Your return on the notes may be affected by factors affecting the international securities markets, specifically changes in the countries represented by the Basket Components. In addition, you will not obtain the benefit of any increase in the value of the currencies in which the securities included in the Basket Components trade against the U.S. dollar, which you would have received if you had owned the securities in the Basket Components during the term of your notes, although the value of the Basket Components may be adversely affected by general exchange rate movements in the market.
Final terms will be set on the pricing date within the given range for the specified Market-Linked Investment. Please see the Preliminary Offering Documents for complete product disclosure, including related risks and tax disclosure.
 
The graph above and the table below reflect the hypothetical return on the notes, based on the terms contained in the table to the left (using the mid-point for any range(s)).  The graph and table have been prepared for purposes of illustration only and do not take into account any tax consequences from investing in the notes.

Hypothetical
Percentage Change
from the Starting Value
to the Ending Value
Hypothetical
Redemption Amount
per Unit
Hypothetical Total Rate of
Return on the Notes
-100.00%
$1.00
-90.00%
-50.00%
$6.00
-40.00%
-20.00%
$9.00
-10.00%
    -10.00%(1)
$10.00
0.00%
 -5.00%
$10.00
0.00%
-3.00%
$10.00
0.00%
0.00%
$10.00
0.00%
2.00%
$10.40
4.00%
4.00%
$10.80
8.00%
10.00%
$12.00
20.00%
13.00%
   $12.60 (2)
26.00%
20.00%
$12.60
26.00%
30.00%
$12.60
26.00%
40.00%
$12.60
26.00%
50.00%
$12.60
26.00%
60.00%
$12.60
26.00%

(1)
This hypothetical percentage change corresponds to the Threshold Value.
(2)
The Redemption Amount per unit cannot exceed the hypothetical Capped Value.