National Bank of Canada Announces NVCC AT1 Limited Recourse Capital Notes Offering – QNT Press Release


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MONTREAL, Aug. 31, 2022 /CNW Telbec/ – National Bank of Canada (“National Bank” or the “Bank”) today announced that it has entered into an agreement with a group of agents led by National Bank Financial Inc. for the issuance of $500 million of Limited Recourse Capital Notes, Series 3 (Non-Viability Contingent Capital (NVCC)) (Subordinated Indebtedness) (the “Notes”).

The Notes will bear interest at a rate of 7.500% annually, payable semi-annually, for the initial period ending on but excluding November 16, 2027. Hereafter, the interest rate on the Notes will reset every 5 years at a rate equal to the prevailing 5-year Government of Canada Yield plus 4.281%. The Notes will mature on …

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