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New Issue - National Bank of Canada 4.95% Rate Reset Preferred Shares

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National Bank of Canada (NA) is issuing $250M of 5 year, 4.95% rate reset non-cumulative preferred shares. The first reset date is Nov-15-2023 at the then effective 5 year Gov. of Canada bond yield plus 2.77%. Should the National Bank become insolvent the issue is convertible into their common shares. (NVCC)

On Nov-30-2023 and on Nov-30 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 2.77%.

Rating: DBRS, Pfd-2(low)

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