Ms. Marie-Pierre Jodoin reports

NATIONAL BANK OF CANADA ISSUES PANDA BONDS IN MAINLAND CHINA

On Oct. 30, 2023, National Bank of Canada issued the first series of its 2023 Panda Bond program, raising one billion renminbi (equivalent to approximately $191-million) in the context of a public offering in mainland China's Interbank Bond Market. This marks National Bank of Canada's first issuance as part of its latest 10 billion renminbi Panda Bond program approved by the People's Bank of China on Feb. 17, 2023, and following the launch of its inaugural Panda Bond program in 2016. The bond was priced at an annual coupon rate of 3.20 per cent and has a three-year term.

This issuance was made possible with the help of National Bank of Canada's appointed lead underwriter and lead book runner, Bank of China Ltd., and joint lead underwriters and joint lead book runners, namely, China Merchants Securities Co. Ltd., Industrial and Commercial Bank of China Ltd., Agricultural Bank of China Ltd. and DBS Bank (China) Ltd., as well as from syndicate members Industrial Bank Co. Ltd. and Deutsche Bank (China) Co. Ltd.

As part of the issuance, National Bank of Canada, one of the six systemically important banks in Canada, and its 2023 Panda Bonds (Series 1) both received a AAA rating from a mainland China credit rating agency, China Chengxin International Credit Rating Co. Ltd.

About National Bank of Canada

With $426-billion in assets as at July 31, 2023, National Bank of Canada, together with its subsidiaries, forms one of Canada's leading integrated financial groups. The bank has approximately 30,000 employees in knowledge-intensive positions and has been recognized numerous times as a top employer and for its commitment to diversity.

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