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National Bank 0 4.6% Rate Reset Preferred Share New Issue

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National Bank(NA) is issuing $200M of 5 year, 4.6% rate reset non-cumulative preferred shares. The first reset date is May-15-2023 at the then effective 5 year Gov. of Canada bond yield plus 2.58%. Should National Bank become insolvent the issue is convertible into their common shares. (NVCC/Basel Compliant)

On May-15-2023 and on May-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 2.58%.

Rating: DBRS, Pfd-2

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