National Bank issues C$750 million NVCC subordinated notes

Torys acted as counsel to a dealer syndicate led by National Bank Financial with a team that included David Seville, Michael Murphy and Sarah Rimer (corporate/securities).

On June 26, 2025, National Bank of Canada (“National Bank”) closed its previously announced offering of C$750 million of medium term notes (non-viability contingent capital (NVCC)) maturing August 15, 2035, constituting subordinated indebtedness of National Bank under its Medium Term Note Program. The offering was completed through a dealer syndicate led by National Bank Financial Inc.

Interest on the notes will be paid semi-annually at 4.333% per annum until August 15, 2030, after which they will bear interest at a floating rate equal to daily compounded CORRA plus 1.61%, payable quarterly.

With the prior approval of the Superintendent of Financial Institutions (Canada), National Bank may redeem the notes, in whole or in part, on or after August 15, 2030 at par plus accrued and unpaid interest, on not less than 10 nor more than to 60 days’ prior notice to holders.

Net proceeds from the offering will be added to National Bank’s general funds and will be utilized for general banking purposes.

Further information can be found on Newswire Canada’s website.

National Bank, together with its subsidiaries, forms one of Canada's leading integrated financial groups, with C$536 billion in assets as at April 30, 2025.