National Bank issues C$750 million NVCC subordinated notes
Torys acted as counsel to the syndicate of dealers led by National Bank Financial with a team that included David Seville, Michael Murphy and Jason Lamb (corporate/securities) and Len Nesbitt (tax).
On July 25, 2022, National Bank of Canada (“National Bank”) completed the issuance of C$750 million of 5.426% medium term notes (non-viability contingent capital (NVCC)) (subordinated indebtedness), maturing 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 notes were issued and sold through a dealer syndicate led by National Bank Financial Inc.
Further information can be found on Canada Newswire's website.
National Bank, together with its subsidiaries, forms one of Canada's leading integrated financial groups, with C$370 billion in assets as at April 30, 2022.