Northwire Canada EditionFriday, July 10, 2026
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National Bank of Canada Announces Closing of NVCC AT1 Limited Recourse Capital Notes Offering

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Executive Summary

  • National Bank of Canada announced the closing of its previously announced offering of $600 million in NVCC AT1 Limited Recourse Capital Notes, Series 4.
  • Concurrently, the Bank issued Non-Cumulative 5-Year Fixed Rate Reset First Preferred Shares, Series 51 to back the limited recourse structure of the notes.
  • The offering was facilitated by a group of agents led by National Bank Financial Inc. and issued under a prospectus supplement to the Bank's existing short form base shelf prospectus.

Key Details

  • Offering Amount: $600 million
  • Instrument: 6.067% Limited Recourse Capital Notes, Series 4 (Non-Viability Contingent Capital (NVCC)) (Subordinated Indebtedness)
  • Concurrent Issuance: Non-Cumulative 5-Year Fixed Rate Reset First Preferred Shares, Series 51 (NVCC)
  • Trust Structure: Notes held by Computershare Trust Company of Canada as trustee for NBC LRCN Limited Recourse Trust; Note holders' recourse is limited to their proportionate share of the Trust's assets (consisting of Series 51 Preferred Shares)
  • Agents/Underwriters: Group led by National Bank Financial Inc.
  • Prospectus Documentation: Issued under a prospectus supplement dated June 4, 2026 to the Bank's short form base shelf prospectus dated September 6, 2024
  • Jurisdiction/Restrictions: Not registered under the U.S. Securities Act of 1933; restricted from offering, sale, or delivery within the United States or to U.S. persons
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