National Bank of Canada announces NVCC subordinated notes offering
Date Closed
January 13, 2025
Lead Office
Montréal
Value
1.00 Billion CAD
On January 13, 2025, National Bank of Canada ("NBC" or the "Bank") announced the filing of a prospectus supplement to a short form base prospectus dated September 6, 2024, with the various securities regulatory authorities in all provinces and territories of Canada under the Medium Term Notes Program (the “MTN Program”). NBC also announced that it intends to issue Medium Term Notes for an aggregate principal amount of C$1 billion at an interest rate of 4.260% and maturing on February 15, 2035 (Non-Viability Contingent Capital (NVCC)) constituting subordinated indebtedness of the Bank through its MTN Program (the “Notes”). The Notes will be issued and sold through a dealer syndicate led by National Bank Financial Inc.
The Notes were issued on January 13, 2025 and will mature on February 15, 2035. Interest on the Notes will be paid semi-annually at 4.260% per annum until February 15, 2030, and thereafter at a floating rate equal to Daily Compounded CORRA plus 1.56% 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 and Fraser Bourne that included Laurence Cromp-Lapierre, Thierry Côte and Annie Poirier-Simard (Business).