The coronation of King Felipe will be a low key affair, Princess Letizia will become Queen and Princess Leonor will take the title, Princess of Asturias. Juan Carlos will not attend the ceremony.
What of the present king and queen?
It seems that they will retain their titles and still be called King and Queen. Juan Carlos will also retain his immunity from prosecution to limit the possibility of civil cases against him such as paternity claims.
I’m not sure what republicans will make of this, sounds to me like an increase in the royal budget rather than a decrease.