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National Bank of Canada Announces Medium Term Notes Program and NVCC Subordinated Notes Offering

Date Closed

July 25, 2022

Lead Office

Montréal

Value

750.00 Million CAD

On July 25, 2022, National Bank of Canada (the “Bank”) closed on a filing of a prospectus supplement to a short form base prospectus dated August 17, 2020, with the various securities regulatory authorities in all provinces and territories of Canada to establish a Medium Term Notes Program (the “MTN Program”). The Bank also issued Medium Term Notes for an aggregate principal amount of $750 million at an interest rate of 5.426% and maturing on August 16, 2032 (Non-Viability Contingent Capital (NVCC)) constituting subordinated indebtedness of the Bank through its MTN Program (the “Notes”). The Notes were issued and sold through a dealer syndicate led by National Bank Financial Inc.

The Notes were issued on July 25, 2022 and will mature on August 16, 2032. Interest on the Notes will be paid semi-annually at 5.426% per annum until August 16, 2027, and thereafter at a floating rate equal to Daily Compounded CORRA plus 2.32% payable quarterly.

The National Bank of Canada is the sixth largest commercial bank in Canada. It is headquartered in Montreal.

McCarthy Tétrault LLP advised National Bank of Canada, the issuer, with a team led by Patrick Boucher that included Tamara Shabazova, Romarick Prats, Annie Poirier-Simard and Angela Lizotte (Business).

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