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National Bank of Canada closes C$1 billion offering of medium-term notes

Date Closed

April 11, 2012

Lead Office



1.00 Billion CAD

On April 11, 2012, National Bank of Canada (the “Bank”) issued C$1 billion of medium term notes Series 7 (the “Series 7 Notes”) constituting subordinated indebtedness through its Medium Term Notes Program. The net proceeds from the issuance of the Series 7 Notes will be added to the general funds of the Bank and will be used for general banking purposes.

The Series 7 Notes will mature on April 11, 2022. Interest on the Series 7 Notes will be paid semi-annually at 3.261% per annum until April 11, 2017 and thereafter at a floating rate equal to the rate on 3-month CDOR plus 1.38% and will be payable quarterly. The Series 7 Notes are redeemable at the Bank’s option, with the approval of the Office of Superintendent of Financial Institutions on and after April 11, 2017.

National Bank of Canada, headquartered in Montréal, Québec, is an integrated group that provides comprehensive financial services to consumers, small and medium-sized enterprises and large corporations in its core market, while offering specialized services to its clients elsewhere in the world.

McCarthy Tétrault LLP represented National Bank of Canada, with a team led by Frédéric Cotnoir.