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National Bank of Canada - 4.45% Rate Reset Preferred Shares New Issue

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National Bank is issuing $400M of 5 year, 4.45% rate reset non-cumulative preferred shares. The first reset date is Nov-15-2022 at the then effective 5 year Gov. of Canada bond yield plus 3.43%. Should CIBC become insolvent the issue is convertible into their common shares. (Basel Compliant)

On Nov-15-2022 and on Nov-15 every five years thereafter, the holders have the right to convert into an equal number of non-cumulative floating rate preferred shares with a dividend yield set quarterly at the then effective 90-day Canadian Treasury Bill Rate plus 3.43%.

Rating: DBRS, Pfd-3(High)

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