National Bank of Canada Announces C$600M NVCC AT1 Limited Recourse Capital Notes Offering

On June 4, 2026, National Bank of Canada (“National Bank”) announced that it had entered into an agreement with a group of agents led by National Bank Financial Inc. for the issuance of C$600 million aggregate principal amount of Limited Recourse Capital Notes, Series 4 (Non-Viability Contingent Capital (NVCC)) (the “Notes”). The Notes will bear interest at a rate of 6.067% per annum, payable semi-annually until but excluding August 16, 2031, after which the rate will reset every five years at the 5-year Government of Canada Yield plus 2.95%. The Notes will mature on August 16, 2086, with closing expected on June 11, 2026.

Concurrently, National Bank will issue Non-Cumulative 5-Year Fixed Rate Reset First Preferred Shares, Series 51 (NVCC), to be held by Computershare Trust Company of Canada as trustee for NBC LRCN Limited Recourse Trust. The net proceeds will be used for general banking purposes. The Notes and the preferred shares will be offered by way of a prospectus supplement to National Bank’s short form base shelf prospectus dated September 6, 2024.

National Bank of Canada is one of the largest Canadian chartered banks and offers financial services to businesses and institutional clients across various industries in Canada and internationally.

McCarthy Tétrault LLP is advising National Bank with a team led by Patrick Boucher that includes Isabelle Nazon, Laurence Cromp-Lapierre, Annie-Poirier Simard, Vincent Leduc, Benjamin Mathieu (Corporate), Marie-Soleil Landry, and Alexandra Carbone (Tax).