National Bank of Canada completes limited recourse capital notes offering

On April 21, 2021, National Bank of Canada (“National Bank”) announced the completion of its offering of C$500 million of 4.05% limited recourse capital notes Series 2 (non-viability contingent capital (NVCC)). The notes were offered by a group of agents led by National Bank Financial Inc.

Concurrent with the issuance of the notes, National Bank also issued non-cumulative 5-year fixed rate reset first preferred shares Series 45 (non-viability contingent capital (NVCC)) to be held by Computershare Trust Company of Canada as trustee for NBC LRCN Limited Recourse Trust. In case of non-payment of interest on or principal of the notes when due, the recourse of each note holder will be limited to that holder's proportionate share of the limited recourse trust's assets in respect of the notes, which will consist of Series 45 preferred shares except in limited circumstances.

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

National Bank of Canada, together with its subsidiaries, is one of Canada's leading integrated financial groups with C$344 billion assets as at January 31, 2021.