National Bank of Canada closes offering of NVCC AT1 limited recourse capital notes

On September 8, 2022, National Bank of Canada ("National Bank") announced the closing of its previously announced offering of C$500 million of 7.500% limited recourse capital notes, Series 3 (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 46 (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 46 preferred shares except in limited circumstances.

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

National Bank of Canada, together with its subsidiaries, forms one of Canada's leading integrated financial groups, with C$387 billion in assets as at July 31, 2022.